Next week the European Commission (EC) is due to announce plans to spend nearly EUR10bn ($13.9bn) over the next ten years to boost the European Union’s (EU) energy infrastructure network.

The funding is part of the EU’s cohesion policy for the 2014-20 spending period.

On 19 October, the commission will present the Connecting Europe Facility, which is intended to close existing gaps in the EU’s infrastructure networks in energy, transport and telecoms. It is expected that the facility will have a budget of EUR40bn, of which close to EUR10 billion will be earmarked for energy infrastructure.

The energy funding is expected to be used to complete projects for the storage and transmission of electricity, and to build a Smart Grid network.

The facility will also finance the transportation infrastructure for carbon dioxide, essential if the EU is going to be able to capitalise on carbon capture and storage technology.

The draft legislation for energy projects aims to speed up the process of getting approvals for schemes. It will also set out procedures for allocating the costs of projects to parties in more than one member state.

For more Policy & Regulation news.