EU OKs billions for offshore energy, grid upgrades

The European Union’s €5 billion Economic Recovery Plan, approved by Parliament Wednesday, includes €3.98 billion for upgrading the continent’s energy grid to better withstand future crises.

The plan offers subsidies for new power projects, gas pipelines, power cables and offshore grid development, and aims in part to avoid a repeat of this past winter’s natural gas dispute between Russia and Ukraine, which left many European without heat.

The plan also includes €565 million for offshore wind energy projects.

“By including offshore wind and electricity grids in the Plan, EU decision-makers have chosen the right areas to make a real difference long-term,” said Christian Kjaer, CEO of the European Wind Energy Association. “The European Parliament’s approval of the Plan should give a real boost to the burgeoning offshore wind sector.”