EU says more than EUR 1 tn needed to boost energy market

Nov 13, 2008 01:00 AM

The European Union will need EUR 1 tn to prop up its electricity networks and generation capacity by 2030 and another EUR 150 bn for its gas networks, if it wants to increase energy security and improve competitiveness, the European Commission estimated.
"The commission is concerned that Europe's energy networks are no longer up to the task of providing secure energy supply in the foreseeable future," the EU executive body said in a statement presenting a blueprint paper. The paper will be discussed by interested parties for four months.

The paper is part of a commission strategy to increase EU energy security, competitiveness in its energy market and cut pollution by integrating national electricity networks and gas grids into a European supergrid, thus creating a broader market and including renewable energy sources.
Integrating the Baltic countries in the EU grids, developing interconnections within the North African countries and bringing in gas from the Caspian region are some of the priorities the commission outlined.

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