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European Commission releases 100 mln euros for internal energy market project

European Commission releases 100 mln euros for internal energy market project

BRUSSELS: The European Commission (EC) here on Thursday said about 100 million euros (or 111 million U.S. dollars) would be made available for projects aimed at completing the European energy market.

According to an EC press release, it opened the call for proposals to help finance key trans-European energy infrastructure projects.

With a total of 650 million euros for grants foreseen in 2015, this batch of money is the first of two financial appeals planned for 2015. The funds will also act as a catalyst for securing additional financing from private and public investors.

After the April 29 application deadline, a decision on the successful proposals to be funded is expected mid-July.

Reliable and well-connected energy networks are vital for achieving a resilient European energy union. We need major investments to make our energy grid fit for the future,” said EU Climate Action and Energy Commissioner, Miguel Arias Canete.

According to the EC, in order to apply for a grant, a project has to be on the list of projects of common interest. A first list of projects of common interest, consisting of 248 key energy infrastructure projects, was adopted by the EC in October 2013.

EU financing for energy infrastructure under the EC initiative, Connecting Europe Facility, is 5.85 billion euros for the period 2014 to 2020.