EU's Push for Cross-Border Energy Infrastructure

The European Union aims to enhance cross-border energy infrastructure to reduce bottlenecks and expedite power grid development. Investments in low-cost renewable energy need matching grid expansions. The EU plans centralized strategies to reduce high energy costs and achieve significant economic savings for Europeans.

The European Union is ramping up efforts to bolster cross-border energy infrastructure to alleviate expensive bottlenecks hampering the development of new power grids, according to draft documents accessed by Reuters.

Despite significant investments in low-cost renewable energy, EU countries face challenges in grid upgrades and expansion, leading to restrained wind and solar output and increased consumer costs. A central EU plan will be developed to tackle these issues, working with operators to kickstart projects, the draft reveals.

High energy prices in Europe, due to insufficient grid investment, are undermining industrial competitiveness. Proposals to change EU laws, exempt certain projects from environmental assessments, and implement time limits for permit approvals aim to expedite grid development and reduce power system costs.

(With inputs from agencies.)