EU Action Plan Proposes 40% Investment In Electricity Grids Till 2030

EU Action Plan Proposes 40% Investment In Electricity Grids Till 2030 EU Action Plan Proposes 40% Investment In Electricity Grids Till 2030

The European Union (EU) Commission released an ‘Action Plan’ which supports the European Green Deal. The Commission’s proposed action plan aims at supporting the Europe’s electricity demand, which is expected to increase by 60% till 2030.

The prosed system is expected to help deliver a digitalized, decentralized and flexible system. It claims to accommodate millions of rooftop solar panels, heat pump, and local energy communities. The network also claims to develop more offshore renewable energy, electric vehicle (EV), and address growing hydrogen production needs. It finds that 40% of the distribution grids are more than 40 years old and require investment of €584 billion by 2030 to achieve the set target.

The network can help to address the missing links of clean energy transmission by addressing the main challenge such as, expanding, digitalising and better using the EU electricity transmission and distribution grids.

The actions focus on implementation and swift delivery to make a difference

• Accelerating the implementation of projects of common interest and developing new projects through political steering, reinforced monitoring and more proposals.
• Improving the long-term planning of grids to accommodate more renewables and electrified demand, including hydrogen, in the energy system by steering the work of system operators as well as national regulators.
• Introducing regulatory incentives through guidance on anticipatory, forward-looking investments and on cross-border cost sharing for offshore projects.
• Incentivizing a better usage of the grids with enhanced transparency and improved network tariffs for smarter grids, efficiency, and innovative technologies and solutions by supporting the cooperation between system operators and recommendations by the Agency for the Cooperation of Energy Regulators (ACER).
• Improving access to finance for grids projects by increasing visibility on opportunities for EU funding programmes, especially for smart grids and modernization of distribution grids.
• Stimulating a faster permitting for grids deployment by providing technical support for authorities and guidance on better engaging stakeholders and communities.
• Improving and securing grid supply chains, including by harmonizing industry manufacturing requirements for generation and demand connection.

The action plan seeks to present alongside the other key border energy infrastructure projects. It includes the first union list of projects of common and mutual interest, to help bring EU energy infrstrucure in line with the climate goals. They also signed the pact for engagement for broader engagement across broader stakeholder in grid development.

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