Europe's top energy official Wednesday unveiled a strategy to spend about euro 1 trillion ( US 1.4 trillion) over the next decade on a common EU energy network to help blaze a trail into the new energy age.
Energy Commissioner Guenther Oettinger said the investment is needed to ensure security of supply, fair competition and a sustainable energy mix across the 27-member body. The strategy will include incentives to save energy in buildings and infrastructure as well as fast-tracking key infrastructure projects.
The euro 1 trillion would come from a combination of industry cash and taxes, and to a much lesser degree, from EU funding. Brussels is expected to commit cash to selected transnational pipeline and power grid projects in its infrastructure strategy, to be unveiled next week.
For more: Wall Street Journal: European Union to spend euro 1 trillion in energy projects
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