Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Kadri Simson: The European Commission has set up...

Kadri Simson: The European Commission has set up a fund to support Ukrainian energy infrastructure

August 22, 2024

The European Commission set up a dedicated fund, where over 500 million euro has already been collected to support the Ukrainian energy infrastructure and the reconstruction of the energy sector in this country, stated, on Wednesday the European Commissionaire for Energy, Kadri Simson, at the ministerial reunion organized within the reunion of the Partnership for Transatlantic Cooperation in Energy and Climate (P=TECC).‘The European Commission and our member states started to support Ukraine and especially the energy system of Ukraine, the very moment when Russia chose to target the civilian energy infrastructure. This happened in 2022 already, so since then we have set up a community, a dedicated fund and we have managed to collect over 500 million euro which is used to support the Ukrainian energy infrastructure and the reconstruction of the energy sector. Taking this into consideration, starting with 2022, we have managed to transport through our Mechanism for Civilian Protection over 8,100 generators and almost 3,300 transformers. In total, Ukraine has received 16,000, so this shows you the image of the ample support we offer’ said the European commissionaire.She said that the European policies regarding the support for Ukraine will continue, taking into consideration that Ursula van der Leyen obtained a new mandate to the leadership of the EC."The new Commission will hopefully start in December this year. So I will be in office for another three months. And my top priority is to deliver our action plan that we agreed to support Ukraine. And there are several actions. First and foremost, of course, we need to help Ukraine to put back in working order what can be repaired. I know that the Russians have managed to destroy a lot of power generation capacity that cannot be repaired. But we are together with the energy community and our Member States who are offering financial donations and also equipment. And we are looking for concrete projects to build before winter approaches," she added.   The commissioner also said that this is no longer a mission of the Commission on its own, but concerns all companies that have equipment at their disposal that can be transported to Ukraine. "We have established a very clear transportation route. We know how to deliver specific equipment to where Ukrainians need it. And we have very good cooperation with Ukraine and the Ministry of Energy and Minister Gherman Galushchenko himself. So, the first step is to raise awareness of the scale of the destruction, and one of the actions on our side was the decision to use frozen Russian assets to pay for these equipment deliveries. The second is our cooperation with Ukraine and the support fund. And I am personally appealing to all Member States for additional donations. And thirdly, of course, we have to prioritize the support coming from the European Union, from our electricity producers. And we are working with ENTSO-E (European Transmission System Operators' Association in Europe - editor's note), so that our electricity transmission system operators find ways to increase transmission capacities between continental Europe and Ukraine. And the Republic of Moldova, if necessary for the winter. We want to make sure that Ukraine will be able to buy more electricity from the EU in the coming winter," the Commissioner explained. Last but not least, Kadri Simson mentioned that the EU collaborates with the member states, especially Romania and Slovakia, as there are several transport lines for electricity which could be modernised, and these could change the data completely.

Read in full - click here
Communication agency Graffiti Plus signs funding contract for listing on Bucharest Stock Exchange's AeRO market

Graffiti Plus (GRF+), active in Romania's communication consulting market, has signed the contract for the National Recovery and Resilience Plan (PNRR) funding for its listing on the AeRO market of the Bucharest Stock Exchange (BVB). GRF+ is also preparing to launch the private financing round it is conducting as a first step toward its debut […]

US Embassy in Romania funds restoration of wooden church in Maramureș

The wooden church from the village of Oncești, one of the oldest monuments in the heritage of the Maramureș Village Museum “Mihai Dăncuș” in Sighetu Marmației, has been restored. The church has now returned to the tourist circuit through the support provided by the US Ambassadors Fund for Cultural Preservation, in a project coordinated by […]

Bucharest Stock Exchange introduces Corporate Governance Committee to implement new code

The Bucharest Stock Exchange (BVB) announced the establishment of its Corporate Governance Committee on Thursday, December 4, to support the implementation of the revised 2025 BVB Corporate Governance Code. Romania’s capital market recently celebrated 30 years of activity and is undergoing significant corporate governance reform. The revised BVB Corporate...

Bucharest’s District 4 starts work on M4 subway line extension worth EUR 3.5 bln

Daniel Băluţă, the mayor of Bucharest's District 4, signed the order to start work on the extension of the M4 subway line on Thursday, December 4. The investment is valued at EUR 3.5 billion and the route will be 11 kilometers long, between Gara de Nord and Gara Progresul railway stations.  The extension will have 14 […]

Food Angels Hub: Investors’ network launches in support of HoReCa, food industry businesses in Romania

Ten entrepreneurs and executives have launched Food Angels Hub, a community of investors dedicated to the food sector. The aim of the hub is to “develop and scale functional and profitable companies in the food, hospitality and food-tech sectors” and “turn Romania into a reference point for food innovation in the CEE region.” The founders […]

IULIUS obtains EUR 305 million syndicated loan to remodel Palas Iași complex

Romanian developer IULIUS announced that it secured a syndicated loan facility amounting to over EUR 305 million for its Palas Iași mixed-use complex. The financing is provided by a consortium made up of Erste Group Bank Austria, BCR, Raiffeisen Bank Romania, and Raiffeisen Bank International Austria. The loan will support the remodelling of Palas Iași […]