The European Commission will present an EUR 584bn plan next week to revamp European power grids so the region can better handle the expected influx of electricity from renewable energy.

The Commission will next week set out its vision for investment in the energy transition, according to a draft seen by Bloomberg News.

According to the draft, the plan will ensure that EU countries prioritize pan-European projects and enter into new collaborations. In addition, the Commission will also accelerate necessary permits and seek funding from the European Investment Bank.

”Europe’s power networks are confronted with new and significant challenges. They will need to serve growing demand linked to clean mobility, heating and cooling, electrification of industry and the kick start of green hydrogen production,” reads the draft according to Bloomberg News.

The plan could affect several European energy companies.

According to the document, 40% of current distribution networks are more than four decades old. It also highlights that power consumption is expected to increase 60% by 2030.

(Translated using DeepL with additional editing by Kristoffer Grønbæk)