Brussels: The European Commission has announced the selection of 235 cross-border energy projects to be recognized as Projects of Common Interest (PCIs) and Projects of Mutual Interest (PMIs). This announcement marks the second list of projects since the initiative’s launch in 2023. These projects are now eligible for EU financing through the Connecting Europe Facility and will benefit from streamlined permitting and regulatory processes to ensure swift execution and delivery.
According to Cyprus News Agency, these projects are aimed at enhancing energy connectivity throughout Europe, contributing significantly to the completion of the Energy Union. By facilitating critical interconnections within the EU and with neighboring countries, these projects are expected to play a strategic role in boosting the EU’s competitiveness, supporting decarbonization efforts, and enhancing the continent’s energy security and independence.
A recent study by the Commission indicates that investment needs in European energy infrastructure, including electricity, hydrogen, and CO2 networks, will approach £1.5 trillion from 2024 to 2040. The newly announced project lineup, along with the anticipated investment volumes, will help meet the infrastructure needs projected for 2040.
The list of selected projects includes 113 electricity, offshore, and smart electricity grid projects essential for integrating the increasing share of renewables; 100 hydrogen and electrolyser projects crucial for the decarbonization of the EU’s energy system; 17 carbon transport infrastructure projects that will advance carbon capture and storage markets; three smart gas grids projects aimed at digitalizing and modernizing the natural gas network; and two long-standing projects connecting Malta and Cyprus to the mainland European gas network.
The Commission has pledged to support the implementation of these projects through enhanced political coordination with concerned Member States, leveraging the Energy Union Task Force and regional High-Level Groups to bolster energy infrastructure development in key regions and with partner countries.
The Commission’s Affordable Energy Action Plan emphasizes the importance of an efficient energy network in facilitating the clean energy transition and ensuring accessible and affordable energy for industries and households across Europe. The Commission plans to present the European Grids Package soon to further expedite the development of necessary energy infrastructure in Europe and elaborate on the Energy Highways initiative, which aims to address cross-border energy infrastructure bottlenecks and enhance the resilience of the EU’s energy system.
The PCI and PMI list will now be submitted to the European Parliament and the Council for scrutiny as a Delegated Act under the TEN-E Regulation. The co-legislators have two months to accept or reject the list in full, with a possible two-month extension if requested. Once adopted, the Commission will work closely with project promoters and Member States to ensure the timely and smooth implementation of the selected projects. This week, the European Commission is hosting the PCI Energy Days to focus on the practical implementation of these projects, with participation from Commissioner for Energy and Housing Dan J¸rgensen.