The European Commission has drafted plans to scale up investment in Europe’s power grids, including dozens of projects earmarked for priority access to permits and EU funding, a draft document seen by Reuters showed.
Europe will need to invest 584 billion euros ($637 billion)to upgrade its power grids this decade, according to European Union estimates. Many grids are decades old and need to be adapted from the traditional model of large, fossil fuel power plants to wind and solar power generation.
To kick-start grid investments, the Commission will propose a plan next week.
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