EU Announces the Establishment of a Special Energy Fund of 2.3 Billion Euros

International Energy Network News: The European Commission announced on the 4th that it will allocate 2.3 billion euros as a special fund for the construction of 43 energy projects. This move will not only ensure Europe's energy supply, but also create more job opportunities and further stimulate economic recovery.

The European Commission stated that in the next year and a half, the EU will use 910 million euros in special funds for the construction of 12 power interconnection projects, and the remaining funds will be used for the construction of 31 natural gas pipeline projects.

Günter Oettinger, the European Commission Commissioner for Energy Affairs, said that this is the largest amount of energy funds allocated by the EU so far. These energy projects will focus on the construction of power grids among EU member states, especially improving power supply in the Baltic countries, Malta and Ireland.

In addition, the EU will also carry out the construction of natural gas supply projects in nine member states and strive to diversify energy imports.

European Commission President Barroso said that investing in critical infrastructure will not only promote economic development and create more jobs, but will also ensure heating and electricity for residents of member states in the event of energy supply interruptions.

The establishment of this special energy fund is part of the European Economic Recovery Plan totaling 3.98 billion euros launched by the EU in March 2009. Under this plan, the EU also funded the construction of related environmental protection projects in December 2009.