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May 22, 2024
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European Commission to Support Romania’s Energy System with EUR 1.39 Billion Investment

The European Commission announced on June 15 that it will provide Romania with 1.39 billion euros to assist in modernizing its energy infrastructure, reducing greenhouse gas emissions, and fulfilling its 2030 climate and energy targets.

According to See News, Romania will receive 1.39 billion euros from the Modernisation Fund to build eight solar parks and two combined cycle gas turbine plants. The plants will replace lignite with renewables and gas for power generation and network modernization in Romania.

The Modernisation Fund, funded by proceeds from the EU’s Emissions Trading System’s auction of emission allowances, aims to assist ten low-income EU countries in their transition to climate neutrality by modernizing their power sector and broader energy systems, increasing energy efficiency, and facilitating the transition. Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Slovakia are the beneficiaries of these funds.

With revenues from the emissions trading system, it delivers concrete results on the ground, helping beneficiary countries reduce greenhouse gas emissions in key sectors and become climate neutral.

Frans Timmermans, European Commission Executive Vice-President

In addition to Romania and Croatia, countries like the Czech Republic, Poland, Lithuania, Slovakia, and Hungary will each get one billion euros for similar initiatives.

As a result, the European Commission is awarding a total of 2.4 billion euros to 45 investment proposals in the areas of renewable energy generation, energy network modernization, energy efficiency in the energy sector, industry, buildings, and transportation, as well as the replacement of coal generation with lower carbon intensity fuels.

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