EU SET TO PAVE WAY FOR 565 BILLION EURO OVERHAUL OF ELECTRICITY GRID
According to Bloomberg, the European Union will set up a plan to "digitize the energy system" and will announce it officially next week.
It is reported that the plan will require the EU to invest 565 billion euros (about 3.93 trillion yuan) in infrastructure by 2030 to realize its green plan and end dependence on Russia's fossil fuels. The document proposes several green action plans:
Install solar panels on the roofs of all commercial and public buildings in the EU by 2027;
Install solar panels on all new residential buildings in the EU by 2029;
Install 10 million heat pumps over the next 5 years; put 30 million zero-emission vehicles on the road by the end of 2030.
The plan would be the latest in a series of measures proposed by the EU to wean itself off Russian gas and accelerate the transition to renewable energy. As the demand for electricity in the EU region grows, a more resilient energy network will be needed to accommodate solar and wind technologies that may change depending on the weather, while also directing electricity to where it is most needed within the bloc.
The committee is also due to release a document on September 28 detailing steps taken to ease fluctuate in energy markets and increase trading volumes after price surges caused margin calls to balloon, as well as the group's efforts to increase trading volumes, according to EU diplomats. Possible measures to reduce fuel prices.
The EU will set up a group in March to promote energy data sharing between member states and companies. The group will also support transmission system operators in creating a "digital twin" of the grid, which will help improve its efficiency.
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