Daily Management Review

EC to propose €565B plan for digitalization of EU energy system


According to the agency, the European Commission's "Digitalization of the Energy System" action plan will require €565B in infrastructure investments by the end of the decade to carry out environmental policies and cease reliance on Russian fossil fuels.

The proposal states that the EU intends to encourage sharing data on power use beginning in 2024 to aid in enhancing flexibility of the region's energy markets, such as by enabling solar panels and electric vehicles to feed energy back into the grid.

By 2027, all new commercial and public buildings must have solar panels installed on their roofs; the deadline for all new residential structures is 2029. The region also needs to install 10 million heat pumps over the next five years and release 30 million zero-emission vehicles on the roads by 2030.

On September 28, the commission plans to publish a document outlining steps to decrease volatility and increase trading in the energy markets after rising prices resulted in a sharp increase in margin requirements, as well as actions the union could take to lower fuel prices, the agency reported, citing EU diplomats.

source: bloomberg.com