EU Funds Baltic Electric Synchronization Among Other Developments
Posted on 10/10/2020
On October 2nd, the European Union (EU) announced a plan to invest €998 million into energy infrastructure projects. The move is reasoned as a way to keep the EU’s energy supply secure, while increasing competitiveness, safety, and efficiency within the energy network. There are six studies and four works included in this investment. Funds provided by the Connecting Europe Facility programme are mainly going towards phase II of the Baltic Synchronization project; with €720 million synchronizing the electricity networks of the Baltic states with the continental European network. This will result in a greater supply of energy to the Baltic states, while providing new renewable energy sources to continental Europe. The electricity systems of Estonia, Latvia and Lithuania were developed as an integral part of the Russian and Belarusian systems. Over recent years, these three Baltic states ended their energy isolation and seeks interconnections with Poland, Finland, and Sweden. Other EU Member States from Central Eastern Europe, including the Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia, synchronized their systems with the continental European network (CEN) between 1995 and 2004. The Connecting Europe Facility operates through grants, financial guarantees, and bonds.
Continuing the EU’s struggle against fossil fuel emissions, €102 million will be invested in CO2 cross border transportation networks. The Porthos CO2 transport network will connect Rotterdam, Antwerp and the North Sea Port’s industrial emissions to storage in the North Sea. This is a part of the EU’s broader goal of a smart energy network which promotes common goals among member states with greater connected energy grids. Porthos stands for Port of Rotterdam CO2 Transport Hub and Storage.
After formally adopted by the European Commission, the agreement on the investment will be signed by The Innovation and Networks Executive Agency at latest by February 2021.
