SUBSCRIBE
PROFILE

EU invests €2.967 billion to modernize energy systems in 10 countries

The European Commission is allocating nearly 3 billion euros to support 39 energy projects in 10 member states, aimed at modernizing infrastructures and reducing CO2 emissions.

Share:

Modernisation systèmes énergétiques

Gain full professional access to energynews.pro from 4.90£/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90£/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90£/month

*Special launch offer: 1st month at the indicated price, then 14.90 £/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99£/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99£/year

*Introductory annual price for year one, automatically renewed at 149.00 £/year from the second year.

Sign up for free to unlock this article

The European Commission recently announced an allocation of 2.967 billion euros via the Modernisation Fund, aimed at modernizing the energy systems of ten member states. This initiative is part of the policy to reduce CO2 emissions and improve energy efficiency, with the aim of achieving the EU’s climate and energy objectives.

Fund distribution

Beneficiaries of this first tranche of funding for 2024 include Bulgaria (€65.2 million), Croatia (€52 million), the Czech Republic (€835.2 million), Estonia (€24.1 million), Hungary (€76.8 million), Latvia (€26.8 million), Lithuania (€59 million), Poland (€697.5 million), Romania (€1.095 billion) and Slovakia (€35 million).

Financial Projects

Projects financed include the reinforcement of electricity transmission networks in Bulgaria, the deployment of photovoltaic and storage capacities in Croatia, and the acquisition of new photovoltaic systems by households in the Czech Republic. In Estonia, the focus is on energy efficiency in public buildings, while in Hungary,the modernization of district heating systems is based on renewable energies.

Regional Initiatives

In Latvia, the funds will support the use of renewable energy sources in apartment blocks and public buildings. In Lithuania, the development of energy storage capacity is a priority, while in Poland, the recharging infrastructure for heavy goods vehicles will be improved. Romania will adopt support mechanisms for the production of electricity from renewable sources, while Slovakia will focus on renewable hydrogen production and high-efficiency cogeneration.

Setting and outlook

The Modernisation Fund is funded by proceeds from the auctioning of emissions allowances under the EU Emissions Trading Scheme (EU ETS). This fund aims to help low-income member states achieve climate neutrality. In addition to the ten current beneficiaries, Greece, Portugal and Slovenia have also become eligible from January 2024.

Integration with EU Policies

The Modernisation Fund complements other EU instruments, such as cohesion policy and the Just Transition Fund. By mobilizing substantial resources, it helps eligible countries to invest in line with the REPowerEU and Fit For 55 plans, thereby supporting the energy transition and decarbonization of European economies.
With this new allocation, the Modernization Fund continues to play a crucial role in the modernization of member states’ energy infrastructures. These strategic investments are essential to support the transition to more efficient, low-carbon energy systems, while strengthening the economic competitiveness of the recipient countries.

  • Popular on energynews.pro
Petrobras takes 27.5% stake in Block 4 offshore São Tomé with Shell and Galp
Sub-Saharan Africa LNG exports expected to triple by 2034
European Union maintains 2028 deadline to end Russian gas imports
Orazul Energy launches cash tender offer for its 2027 notes
IEA warns of 3.3 million barrel oil surplus in 2026
New failure of the Nigerian power grid triggers widespread outages across the country
A sudden fault on the national grid cut electricity supply to several regions of Nigeria, reigniting concerns about the stability of the transmission system.
Guyana to tighten contractual framework for oil production
Re-elected president Irfaan Ali announces stricter production-sharing agreements to increase national economic returns.
Coal India launches 5 GW of solar and wind projects across the country
Coal India issues tenders to develop 5 GW of renewable capacity, split between solar and wind, as part of its long-term energy strategy.
US utilities plan 147 GW in new high-load capacity by 2035
US utilities anticipate a rapid increase in high-intensity loads, targeting 147 GW of new capacity by 2035, with a strategic shift toward deregulated markets.
France: RTE launches public debate on €100 billion for the power grid
France opens a national consultation on RTE’s plan to invest €100 billion by 2040 to modernise the high-voltage electricity transmission grid.
California speeds up permits to secure federal tax credits
Governor Gavin Newsom orders state agencies to fast-track clean energy projects to capture Inflation Reduction Act credits before deadlines expire.
German industry warns of €5.4tn energy burden by 2049
Germany’s energy transition could cost up to €5.4tn ($6.3tn) by 2049, according to the main industry organisation, raising concerns over national competitiveness.
Power cuts plunge Iranian businesses into lasting operational crisis
Facing blackouts imposed by the authorities, small businesses in Iran record mounting losses amid drought, fuel shortages and pressure on the national power grid.
T Plus to maintain electricity production at 57.6 TWh in 2025
Russian group T Plus plans to stabilise its electricity output at 57.6 TWh in 2025, despite a decline recorded in the first half of the year, according to Chief Executive Officer Pavel Snikkars.
French energy regulator corrects ten public claims on costs and production
In France, the Commission de régulation de l’énergie issues a clarification on ten statements shared over the summer, correcting several figures regarding tariffs, production and investments in the electricity sector.
Dozens of scientists denounce climate report deemed biased by US Department of Energy
A group of 85 researchers challenges the scientific validity of the climate report released by the US Department of Energy, citing partial methods and the absence of independent peer review.
Five new projects obtain CB RES status and join the Commission list
Five energy infrastructure projects have been added to the list of cross-border renewable projects, making them eligible for financial support under the CEF Energy programme.
Tanzania bets on compressed natural gas to cut oil imports
The Tanzanian government launches a national consultation to accelerate the rollout of compressed natural gas, mobilising public and private financing to secure energy supply and lower fuel costs.
Kuwait launches tenders for 1.8GW energy and water project
The Kuwaiti government has invited three international consortia to submit bids for the first phase of the Al Khairan project, combining power generation and desalination.
NNPC Ltd keeps Port Harcourt refinery and focuses on rehabilitation
Nigeria’s state-owned oil company abandons plans to sell the Port Harcourt refinery and confirms a maintenance programme despite high operating costs.
Political crisis in France: energy roadmap threatened by new delay
The publication of the Multiannual Energy Programme decree, awaited for two years, is compromised by internal political tensions, jeopardising strategic investments in nuclear and renewables.
EIA delays key reports after 30% staff reduction
The US Energy Information Administration reschedules or cancels several publications, affecting the availability of critical data for oil, gas and renewables markets.
Brazil dismantles criminal fuel network worth BRL52bn
Brazilian authorities have launched a large-scale operation targeting a money laundering system linked to the fuel sector, involving investment funds, fintechs, and more than 1,000 service stations across the country.
Natural gas and solar receive broad support across the United States
A national study by the Davies Group reveals widespread American support for the simultaneous development of both renewable and fossil energy sources, with strong approval for natural gas and solar energy.
Seoul Imposes 25% Cut in Petrochemical Capacity to Stabilize the Sector
The South Korean government compels ten petrochemical groups to cut up to 3.7 million tons of naphtha cracking per year, tying financial and tax support to swift and documented restructuring measures.

Log in to read this article

You'll also have access to a selection of our best content.