PGE Prime Grp. Realty Tr

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

Prime Realty (NYSE:PGE)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Prime Realty (NYSE:PGE)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024