As COP28 opens this Thursday, November 30 in Dubai, the European Union (EU) announces massive investments in the modernization of electricity networks. An action plan which aims to accommodate the growing share of renewable energies in the electricity mix. The EU has set itself the goal of increasing this share to 42.5% of its energy consumption by 2030 compared to around 22% today.
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The sum is colossal: 584 million euros will be dedicated to the modernization of European electricity networks by 2030. The European Commission has already listed 166 cross-border energy infrastructure projects for the development of renewable energies which will be eligible for EU financial support and simplified authorization procedures.
Congestion
It is indeed urgent to revise these electricity “highways” which, 40% of them, are more than forty years old. Today many of these infrastructures are congested and they will – in addition – have to be able in the future to integrate more capacity to transport large quantities of renewable energy. It will also be necessary to make them more intelligent and protect them against possible cyberattacks.
Reduced costs
The European Union’s electricity network is one of the most interconnected in the world. And it will indeed have to absorb double the capacity by 2030. These considerable investments will also make it possible, underlines the Commission, to generate significant profits, particularly in terms of reducing energy costs and greenhouse gas emissions. tight. Brussels has calculated that this modernization will reduce production costs by nine billion per year until 2040.
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