Huge European energy investment announced

01 Nov 2010
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Huge European energy investment announced

Renewable energy projects across Europe have received a boost after the continent's parliament voted in favour of providing a massive injection of funding.

Some €146 million (£126 million) of uncommitted funds will be used for projects in order to help get them moving.

Part of the money could be diverted into improving local infrastructure, for instance by making street lighting more efficient and bringing in electricity storage, smart metering and smart grids.

But renewable energy developments such as the construction of renewables-based heat-and-power installations which are able to feed into the national grid of countries around Europe seem set to be the main beneficiaries of the investment.

Last month, the European Wind Energy Association criticised the stance taken by the government in Bulgaria with regards to renewable energy developments.

At the Wind Power in Bulgaria: gearing up for 2020 annual conference, Martin Dimitrov, chairman of the Economic and Energy Committee of the Bulgarian national parliament, stated that he could not see nuclear energy developments moving forward in the country. 

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