EU to Put Forward Plan for €584 Billion Overhaul of Power Grids
The European Commission will unveil a €584 billion ($637 billion) blueprint aimed at modernizing the region’s power grids to effectively accommodate the surge in renewable energy. This initiative, outlined in a draft document seen by Bloomberg News, emphasizes bolstering investments in the infrastructure crucial for the energy transition, especially enhancing cross-border connections to integrate offshore renewable sources.
Scheduled for announcement next week, the plan includes provisions to expedite permit processes and proposes new financial mechanisms, leveraging support from entities like the European Investment Bank. The draft underscores the evolving landscape, stating that Europe’s power networks face substantial challenges, needing to meet escalating demand driven by clean mobility, industrial electrification, and the initiation of green hydrogen production.
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The impending strain on transmission networks arises from the anticipated expansion of renewables, given their varying peak capacities throughout the day and year. This necessitates smarter grids capable of incorporating storage solutions like batteries to optimize power distribution based on demand fluctuations.
Highlighting an alarming statistic, the draft points out that 40% of the continent’s distribution grids are over four decades old. Additionally, projections indicate a 60% surge in power consumption by 2030, emphasizing the urgency for upgrades.
Beyond enhancing infrastructure, the blueprint prioritizes fortifying grid cybersecurity, recognizing amplified geopolitical risks post-Russia’s invasion of Ukraine.
Source – https://www.bloomberg.com/
