Agreement has been reached between EU Member States and the European Parliament on almost €30 billion of EU funding targeted at enhancing the energy, transport and telecoms networks of the EU from 2014 to 2020.
The Connecting Europe facility will provide financial support for those projects identified in “sectoral guidelines” that cannot be financed fully by the market. This is particularly relevant in the context of ending the isolation of ‘energy islands’ and completing a single European energy market.
In terms of EU energy policy, the CEF Regulation will complement the recently finalised trans-European energy infrastructure guidelines, which set out procedures to implement key projects of common interest along trans-European priority corridors and areas covering electricity, gas, oil and CO2. The CEF therefore enables the EU to meet its broader climate and energy goals, while ensuring security of supply and solidarity among Member States.
Pat Rabbitte TD, Minister for Communications and Energy, comments: “The CEF ought, in particular, be important in re-enforcing Irish energy security. A variety of projects that would increase interconnectivity betweenIrelandand the rest ofEuropecould be eligible for funding under this facility over the next few years. As a result this island should be less vulnerable to price volatility or network outages”.