EU includes added Nabucco spend in energy fund plan

The EU received a further shock this month when a gas dispute between Russia and transit country Ukraine cut supplies to Europe.

EU includes added Nabucco spend in energy fund plan

The European Commission proposed on Wednesday some 3.5 billion euros ($4.6 billion) of funding for energy projects after this winter's gas dispute, including 250 million euros for the Nabucco pipeline.

Bolstering the reliability of energy supplies has soared to the top of the European Union's agenda since Russia invaded Georgia last summer, coming close to a key gas supply route.

The EU received a further shock this month when a gas dispute between Russia and transit country Ukraine cut supplies to Europe during freezing weather, forcing factories to close and leaving thousands of households shivering.

The Commission proposal includes a plan for funding worth 1 billion euros towards gas interconnectors to allow the EU's 27 states to help each other better during gas crises, plus over 500 million euros for wind power projects.

Reuters
Last Mod: 28 Ocak 2009, 14:15
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