EU agrees to spend billions to make grid crisis-proof
The project was launched after this winter's gas crisis left thousands of homes without heat, following a price row between Moscow and transit country Ukraine.
The plan to subsidize new power projects, gas pipelines and power cables aims to enable the 27 EU countries help each other during energy crises and to generate fresh employment for constructors and engineers in the face of recession.
The European Parliament had earlier voted to divert any unused funds from the project into energy efficiency program.
Related News
Utility giant Electricite de France acquired 50pc stake in Irish offshore wind farm
PARIS - It’s been previously estimated that the entire Codling Bank project, which will eventually see hundreds of wind turbines erected about 13km off the Co Wicklow coast, could be worth as much as €100m. The site is set to generate up to 1.1 gigawatts of electricity when it’s eventually operational.
It’s likely to cost well over €2bn to develop.
The other half of the project is owned by Norway’s Fred Olsen Renewables, with tens of millions of euro already reportedly spent on surveys and other works associated with the scheme. Initial development work started in 2003.
Mr Barrett will…
