EU states OK €873m clean energy investment

The European Commission said EU Member States agreed on the Commission’s proposal to invest €873 million in key European energy infrastructure projects.

In the electricity sector, a grant of €578 million, the largest Connecting Europe Facility-Energy grant ever awarded, will boost the construction of the Biscay Gulf France-Spain interconnection.

The new electricity link will better integrate the Iberian Peninsula into the internal electricity market.

This new link will nearly double the interconnection capacity between both countries — increasing it from 2,800 MW to 5,000 MW — and will bring Spain closer to the 10% interconnection target from the current level of 6%.

Commission Vice-President for Energy Union Maroš Šefčovič said: “Once more we demonstrate that co-operation and solidarity pays off and that the Energy Union is becoming a reality with tangible impact on the ground.

“These are important projects with major cross-border benefits and by implementing them we strengthen energy resilience of EU Member States.

“The Connecting Europe Facility has yet again shown tremendous added value in the modernisation of the European economy.”

Commissioner for Climate Action and Energy Miguel Arias Cañete said: “The construction of the Biscay Gulf France-Spain interconnection marks an important step towards ending the isolation of the Iberian Peninsula from the rest of the European energy market.

“Only a fully interconnected market will improve Europe’s security of supply, reducing the dependence of single suppliers and giving consumers more choice.

“An energy infrastructure which is fit for purpose is also essential for renewable energy sources to thrive and for delivering on the Paris Agreement on climate change.”