EU unveils plans for $969b investment in power grids by 2030

The news: The European Commission has proposed a new action plan to accelerate the delivery of a digitalised, decentralised and flexible electricity system for EU nations.

The numbers: Electricity consumption in the EU is expected to increase by around 60% between now and 2030. As 40% of the EU’s energy distribution grids are over 40 years old, the Commission deems that €584 billion ($969 billion) in investments are necessary to meet the incoming demand.

The context: The Commission called for greater attention and acceleration to be placed on political steering, investment support and "Projects of Common Interest" through regulatory incentives - particularly for wind and other renewable energy projects. The Commission said it will work with the European Investment Bank to explore further the need for financing tools and instruments to support grid investments at large.