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“Only a fully interconnected market will improve Europe's security of supply, reducing the dependence of single suppliers and giving consumers more choice” said Commissioner for Climate Action and Energy Miguel Arias Cañete.
Following the Commission's proposal, on 25 January EU Member States agreed to invest €873 million in key European energy infrastructure projects.
The European Commission will support 17 selected electricity and gas projects aiming to upgrade and make the European energy system more competitive that and ultimately deliver cheaper and secure energy to all European consumers.
Of the 17 projects selected for funding:
When completed, the projects will each result in significant benefits for at least two Member States, enhance security of supply, contribute to market integration, and enhance competition, as well as reduce CO2 emissions.
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."
Interested in this topic? If you want to learn more about the EU Energy rules, eco and energy labels, Consumer Champion has the e-learning course for you.