In Short : The investment will target various aspects of the power grid, including the development of smart grids, interconnections between countries, and the expansion and upgrade of existing transmission and distribution networks. Additionally, the funding will be used to support the deployment of energy storage technologies and the development of electricity highways to facilitate the secure and efficient transmission of electricity.
In Detail : The EU aims to introduce the plan in early December 2023 and could give “projects of common interest” status to as many as 68 projects.
The European Commission has outlined plans to increase investment in the continent’s power grids, including a number of projects prioritised for permits and funding, Reuters has reported.
EU estimates call for a €584bn ($638.6bn) investment in the upgrade by 2030.
Some of the grids are decades old, and traditional fossil fuel-fired power plants need improvements to support renewable energy sources such as solar and wind.
The EU aims to introduce the plan in early December 2023 and could give “projects of common interest” status to as many as 68 projects. Some of these are expected to be in energy storage.
Priority status speeds up the permissions process while also guaranteeing funding.