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EU Set to Pave Way for $556 Billion Power Grid Overhaul (1)

Sept. 23, 2022, 7:01 AM

The European Union’s executive branch will lay out a plan to digitalize its energy grid as it seeks to spur the roll out of renewables to reduce its dependence on Russian fuel.

The “Digitalizing the Energy System” action plan, to be unveiled by the European Commission next week, will require a 565 billion euro ($556 billion) investment in infrastructure by the end of the decade to achieve its green plans and end reliance on Russia, according to a draft document seen by Bloomberg News.

Under the proposal, the bloc seeks to promote the sharing of data on electricity use starting ...