UPDATE: EU Recommends 6 Projs For EUR1 Billion CCS Funding -Sources
October 05 2009 - 12:12PM
Dow Jones News
The European Commission is recommending giving a total of EUR1
billion to six projects to help develop a technology to capture and
store carbon dioxide emissions from power plants, people familiar
with the situation told Dow Jones Newswires Monday.
The commission, the European Union's executive body, proposed
five of the projects get EUR180 million each, while the remaining
one gets EUR100 million, the people said.
The projects are Spanish utility firm Endesa SA's (ELE.MC)
scheme in Compostilla, Spain; Vattenfall Group's plant in
Jaenschwalde, Germany; a U.K. scheme run by Powerfuel PLC in
Hatfield, Yorkshire; a scheme in Maasvlakte in the Netherlands, run
by E.ON AG (EOAN.XE), as well as one in Poland, run by Polska Grupa
Energetyczna, or PGE SA. In addition, the commission has
recommended that an Enel SpA (ENEL.MI) scheme in Italy should get
EUR100 million.
A French project which was earmarked for EUR50 million of
investment has been dropped because it wasn't sufficiently
developed, one of the people said.
The E.U. decided earlier this year to commit about EUR4 billion
to boost investment in the energy sector, including gas and
electricity grids, and wind and carbon capture and storage
projects, as part of a wider effort to sustain the 27-country
bloc's economic activities. The money will have to be used by
2010.
Member countries and the European Parliament have approved a
list of projects eligible for the financing and will have to give
their backing to the final list of chosen projects.
Carbon Capture and Storage, or CCS, cuts CO2 emissions from
power plants by catching the greenhouse gases they produce and
storing them in an underground reservoir, such as a depleted oil or
gas field.
-By Alessandro Torello and Frank Huetten, Dow Jones Newswires;
+32 2 741 14 88; alessandro.torello@dowjones.com
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