European Commission to Allocate $5 Billion of Energy Funding

Researched by Industrial Info Resources (Sugar Land, Texas)--The European Commission is inviting proposals from energy companies and member states that want a share of the new $5.4 billion energy investment fund. The energy-funding bonanza is designed to back a wide range of energy projects in the wind, electricity, coal and gas sectors. Recently voted through by the European Parliament, the funding is part of the European Energy Programme for Recovery and those aiming to obtain a portion of the funding will need to have their proposals ready by the July 15, 2009, deadline.

The Commission said it expects to sign the first grant agreements and decisions before the end of the year. For additional information, see related news item from March 30, 2009 - European Energy Projects Get $5 Billion Boost. Energy Commissioner Andris Piebalgs said: "The financing that has been made available will act as a role to secure and speed up investments in the energy sector. In addition, the funds allocated to projects will have a direct impact on the E.U. economy and on employment. It will also help to improve the security of supply of the most vulnerable Member States. The gas crisis earlier this year showed the vulnerability of Europe with respect to its gas supply. In addition, this funding will assist in speeding up the implementation of the 20/20/20 objectives for 2020 by promoting for the first time on a large scale the development of Carbon Capture and Storage technologies and the implementation of high-power wind turbines."

The EU funding available 2009 and 2010 will be allocated as follows:

• Gas and electricity infrastructure projects - 2.37 billion euros ($3.32 billion)
• Offshore wind energy projects - 565 million euros ($791.7 million)
• Carbon capture and storage projects - 1.05 billion euros ($1.47 billion)

There are 12 proposed carbon capture and storage (CCS) projects in European coal-based power plants located in Germany, the Netherlands, Poland, Spain, the U.K. and Italy that will share the designated CCS funding.

On average, about 180 million euros will be made available for CCS projects in each country. These include Germany's Huerth and Jaenschwalde coal-fired power plants, Poland's Belchatow plant and the Kingsnorth, Longannet, Tilbury, and Hatfield power plants in the U.K.

Funding cash is also being made available for new wind-based technology research, including the use of larger 5-7-megawatt turbines, the development of virtual offshore power plants and research into new structures that can be placed up to 100 kilometers offshore and in deeper waters.

Industrial Info's Renewable Energy Database provides extensive coverage on the Wind Energy, Geothermal, Hydroelectric, Landfill Gas-to-Energy and Utility-Scale Solar power plants throughout North America, and now expanding coverage across the world.

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