Advertisements

European Commission Unveils Key Energy Projects to Fuel Green Transition

by Krystal

The European Commission has unveiled the inaugural list of Projects of Common Interest (PCIs) and Projects of Mutual Interest (PMIs) in the Official Journal of the European Union. These selected projects are poised to play a pivotal role in advancing the ambitious energy and climate objectives outlined in the European Green Deal.

Comprising 166 projects, this list offers streamlined permit-granting processes and regulatory support, rendering them eligible for EU financing through the Connecting Europe Facility (CEF). To facilitate new projects’ access to EU funding, the Commission plans to initiate the first call for PCIs and PMIs by the latter half of April 2024, with a deadline set for the end of October 2024.

Advertisements

Upon implementation, this list will supersede the 5th PCI list, with a renewed emphasis on the energy infrastructure crucial for a climate-neutral energy system in the future. Notably, the new compilation encompasses projects aimed at interconnecting the energy networks of EU member states and, for the first time, includes projects of mutual interest with non-EU nations.

Advertisements

Of the 166 chosen PCIs and PMIs, more than half (85) are dedicated to electricity, offshore, and smart electricity grid endeavors, with numerous projects anticipated to come online between 2027 and 2030. These initiatives are poised to facilitate EU countries in achieving their objectives of installing 111 GW of offshore renewable energy by 2030 and exceeding 300 GW by 2050, alongside enabling rapid electrification as stipulated in the revised TEN-E Regulation, thereby contributing to a twofold increase in renewable electricity production.

Advertisements

Additionally, the list encompasses 65 hydrogen and electrolyser projects aimed at decarbonizing EU industry by substituting natural gas with hydrogen and biomethane in the gas system. Moreover, it features 14 CO2 network projects in alignment with EU objectives to establish a market for carbon capture and storage.

Advertisements

The expeditious implementation of the 85 electricity transmission, storage, and smart grid cross-border projects is bolstered by the European Grid Action Plan, which outlines strategies to alleviate bottlenecks and expedite grid deployment for the energy transition more efficiently.

The Commission pledges to collaborate closely with EU member states, project promoters, regulators, and the broader stakeholder community to ensure the swift implementation of these pivotal projects, aligning with the rigorous measures outlined in the Grid Action Plan.

Background Published in the Official Journal, this list marks the Union’s first inventory of PCIs and PMIs established under the revised TEN-E Regulation, effective since June 2022, and the sixth supported by the EU’s trans-European energy networks policy. Following the conclusion of the scrutiny period for the co-legislators, affirming their endorsement of the list, it is slated to take effect on the 20th day post-publication.

The revised TEN-E Regulation mandates that EU-backed cross-border energy infrastructure projects contribute to the Union’s climate and energy objectives, as articulated in the European Green Deal. The regulation necessitates the selection of priority projects for inclusion in the Union list of PCIs and PMIs, alongside prescribing rules on permitting and regulatory incentives aimed at prompt project implementation. Furthermore, it delineates guidelines for cross-border cost allocation and outlines conditions for EU financial assistance to projects on the Union list.

As outlined in the TEN-E Regulation, such lists are adopted biennially, following extensive consultation with stakeholders in regional groups established by the TEN-E regulation.

Advertisements
Advertisements

You may also like

oftrb logo

Oftrb.com is a comprehensive energy portal, the main columns include crude oil prices, energy categories, EIA, OPEC, crude oil news, basic knowledge of crude oil, etc.

【Contact us: [email protected]

© 2023 Copyright oftrb.com – Crude Oil Market Quotes, Price Chart live & News [[email protected]]