-- The European Union on Thursday unveiled a new 600 million euros ($704 million) funding call to support cross-border energy infrastructure projects, as the bloc seeks to bolster energy security and accelerate the transition to cleaner power.
The funding, made available under the Connecting Europe Facility for Energy, will support both preparatory studies and construction works for projects spanning multiple countries.
The call is being administered by the Climate, Infrastructure and Environment Executive Agency and will remain open until Sept. 30, 2026, with results expected early next year.
The initiative marks the first funding round open to projects listed under the EU's second roster of Projects of Common Interest and Projects of Mutual Interest, which aim to strengthen cross-border energy links within the bloc and with neighboring countries.
Dan Jorgensen, the EU Commissioner for Energy and Housing, said the funding push comes at a time when Europe continues to grapple with energy market volatility.
"As we are in the middle of a new energy crisis, strengthening our energy system and integrating our markets is urgently needed," Jorgensen said. "It is essential for bringing down energy costs, improving competitiveness and integrating more home-grown renewables."
Projects designated as PCIs involve infrastructure connecting at least two EU member states, while PMIs extend links between EU countries and non-EU neighbors.
PCI or PMI benefit from accelerated permitting under the Trans-European Network for Energy Regulation, as well as improved regulatory treatment and eligibility for EU funding.
The program has an overall budget of 5.88 billion euros for the 2021-2027 period.