The EU announced its first ever plan to use €9.1bn from the EU’s 2014-2020 budget to help upgrade Europe’s energy infrastructure, according to strategic climate and energy needs. The money will be available under the proposed EU budget for 2014-2020 in the form of newly-minted project bonds, grants and loan guarantees, according to the plan. The grants will be awarded to a select group of "common interest" projects which will benefit from a fast-track permit granting procedure. Projects eligible for EU funding – such as the Southern Gas Corridor to bring gas from the Caspian basin to Europe – could then receive between 50-80% of their funding from the EU. Other examples of projects that the Commission said could be eligible include:
- An offshore grid in the North Sea to transport electricity produced by offshore wind parks
- Innovative projects to store electricity
- Gas pipeline projects enabling gas to flow in both directions.
The list should be finalised by end 2013.