€200 billion is needed to upgrade Europe's gas and electricity grids over the coming decade, the European Commission said yesterday (17 November), adding that half of the sum will have to come from government coffers at a time of budgetary presssure
The EU executive presented its energy infrastructure priorities for the next two decades.
It warned that the EU will not meet its goals on renewable energy, greenhouse gas emission reductions and security of supply without significant investment in cross-border interconnections and in integrating renewable energy into the network.
"We're still using the old territorial limits, which existed before the European Union," EU Energy Commissioner Günther Oettinger said, presenting the EU executive's communication. He pointed out that the EU is currently not able to transport energy from West to East or from North to South.
Only half of the required investment in energy transmission networks will be delivered by the market on time, the Commission said. "The other €100bn will require public action on permitting and leveraging the necessary private capital," it said.
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