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EU: Multi-billion Euro investment to supercharge energy sector

 |  October 14, 2013

Europe is planning a major investment into the EU’s energy sector in part of efforts to improve infrastructure and lower prices for consumers, say reports.

European Energy Commissioner Günther Oettinger unveiled a plan Monday to pump about $8 billion into the market until 2010. The funding includes plans for nearly 250 projects that may have access to the EU aid; the projects, described as “projects of comment interest,” include plans for electricity and gas transmission, among other areas.

Some of the those project, reports say, are competing, thus not all will receive funding.

But all projects that hold the common interest status will be able to apply to have their permitting to be fast-tracked and completed within 3-1/2 years, as opposed to the typical 10-12 years it takes to obtain a permit.

Full Content: Platts

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