EU Member States agreed on an EC proposal to invest in major European energy infrastructure projects with major cross-border benefits, for a total of eight projects (six for electricity and two for gas). Thus, the overall amount of CEF-Energy funding to be granted to the proposals is €556 million, with €550 million for electricity and €6 million allocated to the gas.
Adapting European infrastructures to the future needs of the energy system is one of the goals of the Energy Union towards a clean and modern economy. According to the EC, a fully interconnected market will improve Europe’s security of supply, reduce the dependence on single suppliers and give consumers more choice.
Later on, the Connecting Europe Facility (CEF) envisages a total budget of €5,35 billion for trans-European energy infrastructure for the period 2014-2020. In order to be eligible for a grant, a proposal has to be a project of common interest (PCI) included in the Union-wide list adopted biennially by the EC. The grants go to PCIs that increase competitiveness, enhance the EU’s security of energy supply, and contribute to sustainable development and the protection of the environment, as well as the promotion of safe, secure and efficient network operation.
In the next long-term EU budget 2021-2027, the EC has proposed to renew CEF, allocating €42,3 billion to support investments in European infrastructure networks, including €8,7 billion for energy.