Europe: European Commission reveals plans to upgrade power grids
Nov 27, 2023 | Posted by Abdul-Rahman Oladimeji
The European Commission is currently drafting a plan to invest about €584 billion to upgrade the region's power grids. With this investment, countries will be able to handle varied renewable energy loads, modernize transmission, and improve cyber security.
The draft document posted by Reuters notes, “Europe’s power networks are confronted with new and significant challenges. They will need to serve growing demand linked to clean mobility, heating and cooling, electrification of industry, and the kick start of green hydrogen production.”
The document adds, "Grids need to adapt to a more decentralized, digitalized, and flexible electricity system with millions of rooftop solar panels and local energy communities sharing resources.”
The Commission intends to take investors, regulators, and credit agencies along with this grid projects to simplify the processes of securing loans, equity, and guarantees, and explore new financing instruments with the European Investment Bank.