European Commission Allocating $816 Million for Energy

Oct. 30 (Bloomberg) — The European Commission has
allocated 647 million euros ($816 million) to invest in power
projects across the continent.

About 75 million euros will be spent in the U.K. on
electricity interconnection, smart grid and gas-storage
projects, according to an e-mailed statement today.

Funds provided under the Connecting Europe Facility are
given to “projects of common interest,” including the world’s
longest undersea cable, which may connect Norwegian hydro power
to the U.K., according to the statement.

The funding “awarded to interconnector projects linking
the U.K. to Norway and France will help strengthen energy
security and deliver lower energy bills,” U.K. Energy Secretary
Ed Davey said in the statement.

The European Commission intends to spend 5.85 billion euros
to support intra-continental power infrastructure through 2020.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Carlos Caminada

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