The Norwegian Parliament (Stortinget) has approved the adoption of the EU’s Third Energy Package, designed to enhance energy flows and improve regulatory oversight in the European Union. To secure a political agreement, the government committed that all power interconnections should be state-owned, which could lead to the cancellation of the €2bn NorthConnect interconnection project to Scotland (United Kingdom), promoted by private developers Vattenfall, Agder Energi (45.5% Statkraft), E-CO and Lyse and expected by 2023.
The EU Third Energy Package is a regulatory package designed to support the implementation of a single internal gas and electricity market in the EU, which aims at opening the EU's gas and electricity markets. It was proposed by the European Commission (EC) in 2007 and adopted by the Council of the European Union and the European Parliament in July 2009, allowing it to enter into force in September 2009. With this legislative pack, the European Union intends at keeping gas and power prices as low as possible and increase the security of supply through the increased transparency of retail markets and the effective unbundling of energy production and supply interests from the network.
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