EU’s Support for Energy Storage Market

European Union is having a program to fund energy interconnections that will support nine projects including the Viking link and a compressed air energy storage plant in the United Kingdom.

European Union Commission said “the projects were selected following a call for proposals under the Connecting Europe Facility (CEF) to support trans-European energy infrastructure.”

The EU Commission will provide €210m to five gas projects and €53m to four electricity facilities, mostly to fund research.

Of this, €14.8m will support the electricity link between the UK and Denmark. Another €8.28m will fund an appraisal well, detailed design and commercial structure for a compressed air energy storage project in Larne being developed by Gaelectric.

A €600m second CEF proposal is underway and will be closed on November 8.

Commissioner for Climate Action and Energy Miguel Arias Cañete said, “Well-connected energy infrastructure is essential to the Energy Union. This EU support will help fill the still-existing gaps in energy infrastructure, putting us on the path to a truly connected European energy market.”