Finland Times

     According to an EC press release, it opened the call for proposals to help finance key trans-European energy infrastructure projects.

     With a total of 650 million euros for grants foreseen in 2015, this batch of money is the first of two financial appeals planned for 2015. The funds will also act as a catalyst for securing additional financing from private and public investors.

     After the April 29 application deadline, a decision on the successful proposals to be funded is expected mid-July.

     "Reliable and well-connected energy networks are vital for achieving a resilient European energy union. We need major investments to make our energy grid fit for the future," said EU Climate Action and Energy Commissioner, Miguel Arias Canete.

     According to the EC, in order to apply for a grant, a project has to be on the list of projects of common interest. A first list of projects of common interest, consisting of 248 key energy infrastructure projects, was adopted by the EC in October 2013.

     EU financing for energy infrastructure under the EC initiative, Connecting Europe Facility, is 5.85 billion euros for the period 2014 to 2020.

     Also on Thursday, EU energy ministers met in Brussels to discuss energy union and energy infrastructure, and exchange views on addressing particular issues such as energy security, completion of the internal energy market, energy efficiency, decarbonization of the economy and competitiveness.

     Ministers addressed in particular regional cooperation, financing of energy infrastructure and measures to end energy isolation in order to achieve the 10 percent target of existing electricity interconnections by 2020.

     "The concerns of EU citizens about energy security in difficult geopolitical times, jobs, sustainable mobility or their energy bills must be at the center of this policy response," said Latvian Minister for Economy Dana Reizniece-Ozola.

     The European Commission in February unveiled its strategy for a European Energy Union, alongside a 15-point action plan.

     The EU is the largest energy importer in the world, importing 53 percent of its energy, at an annual cost of around 400 billion euros.