Commissioner Dan Jørgensen has a suggestion for where surplus EU funds for energy should go

The European Commission will prioritize DKK 220bn (EUR 29.48bn) for investments in the EU’s common energy infrastructure.

This is stated in the EU Commission’s proposal for the next long-term budget that was presented on Wednesday in Brussels.

The European Commission is thus proposing to quintuple investments in better connecting Europe’s energy supply, which pleases EU Commissioner for Energy and Housing Dan Jørgensen.

“This is a massive prioritization of energy, and it underlines our commitment to strengthening the EU’s energy independence, breaking free from Russian energy and bringing down energy prices,” says Jørgensen.

The next multiannual budget will run from 2028 to 2034. Thus, there is still some time before the investments can take effect.

The Commission’s proposal must also be approved by all 27 EU countries and the European Parliament before it can enter into force.

However, Jørgensen hopes for support for the investments in the energy sector.

Targets for energy investments

This could ultimately make life cheaper for both businesses and citizens, he points out.

“In 2021, EU citizens and businesses saved a total of more than DKK 250bn because we were connected across borders.”

“When we prioritize closer integration, we can lower energy prices and strengthen our competitiveness,” Jørgensen posits.

The money could, for example, go towards transmission lines between countries, advanced networks, and storage facilities.

Pipelines for hydrogen, hydrogen storage, and electrolysis plants that help with energy security across countries could also be targets for investment.

“The proposal is good for the whole of Europe, but especially for a country like Denmark. With a large share of renewable energy and a heavy dependence on close cooperation with neighbouring countries, this is really good news,” he states.

By virtue of its current EU Presidency, Denmark will be responsible for the initial negotiations on the budget.

However, an agreement is not expected to be reached until long after Denmark hands over the EU baton to Cyprus on January 1.

English edit by Christian Radich Hoffman