Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

EU wants $1.4 trillion for energy overhaul

disclaimer: image is for illustration purposes only
by Stefan Nicola
Berlin (UPI) Nov 10, 2010
Europe's top energy official Wednesday unveiled a strategy to spend about $1.4 trillion over the next decade on a common EU energy network to help blaze a trail into the new energy age.

Energy Commissioner Guenther Oettinger said the investment is needed to ensure security of supply, fair competition and a sustainable energy mix across the 27-member body. The strategy will include incentives to save energy in buildings and infrastructure as well as fast-tracking key infrastructure projects.

"Putting our energy system onto a new, more sustainable and secure path may take time but ambitious decisions need to be taken now," Oettinger said in a statement. "To have an efficient, competitive and low-carbon economy we have to Europeanize our energy policy and focus on a few, but pressing, priorities."

The $1.4 trillion would come from a combination of industry cash and taxes, and to a much lesser degree, from EU funding. Brussels is expected to commit cash to selected transnational pipeline and power grid projects in its infrastructure strategy, to be unveiled next week.

Linking the continent's energy infrastructure is a key priority for the commission, which wants to better integrate the fluctuating renewable energy sources into the aging European grid.

While transnational power and gas connections are well-developed in Scandinavia, for example, much of Eastern Europe and the Baltic states remain cut off from the Western European energy grid.

"The internal energy market is still fragmented and has not achieved its potential for transparency, accessibility and choice," the commission said.

In a bid to change that, Brussels wants the 27 EU member states to agree to by 2015 connect their markets. Oettinger is eager to prevent crises similar to the one between Russia and Ukraine in early 2009, which temporarily left much of Eastern Europe without natural gas imports during a bitter cold spell.

The European natural gas industry has reacted coolly to the commission's calls for an integrated market and more investments into trans-border connections.

Plagued by the aftereffects of the global recession that led to dropping demand for fossil fuels, gas industry officials meeting in Berlin said there wasn't enough cash to invest in large infrastructure projects if Brussels won't identify gas -- the cleanest fossil fuel -- as an important part of its future energy mix.

"Brussels has a highly theoretical vision of the market ... We need a break from regulation," Jean-Francois Cirelli, deputy chief executive of GDF Suez, one of Europe's largest utilities, said at the European Autumn Gas Conference Wednesday in Berlin.

Oettinger will put his strategy to a vote at an EU summit in February. It would tie into a wider plan to reduce the body's greenhouse gas emissions by 20 percent, increase renewable energy by 20 percent and improve efficiency -- all by 2020.

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Hopes for Obama's wave of green jobs fades to gray
Cleveland, Ohio (AFP) Nov 10, 2010
President Barack Obama has put the government's weight and dollars behind a push for green jobs, but in the US heartland there are doubts his drive can revive manufacturing's glory days. Economic malaise is nothing new to northern Ohio, the recession-blighted region that was once a showcase for American manufacturing splendor. Pummeled by decades of industrial decline and jobs being ship ... read more

EU wants $1.4 trillion for energy overhaul

EU unveils trillion-euro single energy market

Hopes for Obama's wave of green jobs fades to gray

Obama inks energy agreements in India

U.K. defense cuts fuel Falklands debate

Nigeria kidnaps sharpen fears of oil war

Nabucco supply deals imminent, RWE says

Japan to send troops to remote isle over China fears: media

Global Warming Reduces Available Wind Energy

South Korea plans offshore wind project

Buoyant Times Ahead For Offshore Resource Assessments

Suzlon eyes China's wind power market

Johnson Controls To Install PV Arrays At 73 Utah Schools

Skyline Solar Awarded Two Additional Green Patents From The USPTO

RICOH USA Goes Solar

iSuppli Boosts 2010 Solar Installation Forecast

Nuclear deal between Russia, Australia goes into force

German nuclear waste arrives after mass protests

'We're staying here': nuclear activists defiant to the end

Nuclear waste battle shows German feelings run deep

OriginOil Achieves Hydrogen Production Comparable To Photovoltaics

Growing Sorghum For Biofuel

Pennycress Could Go From Nuisance Weed To New Source Of Biofuel

Grasses Have Potential As Alternate Ethanol Crop

Tiangong Space Lab Spurs China Space PR Blitz

China Announces Success Of Chang'e-2 Lunar Probe Mission

China launching spacecraft at record rate

China Goes To Mars

US scientists to speak out on climate change

Should Our Biggest Climate Change Fear Be Fear Itself

UN climate panel calls for carbon and transport taxes

Post-election and Obama's climate change

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement