REPowerEU: trilogue agreement on funding

MEPs, the Council and the Commission reached an agreement on REPowerEU funding in the early hours of yesterday morning. The agreement makes energy projects eligible for funding from the EU’s €800 billion recovery fund, which was established two years ago in the wake of the COVID-19 pandemic.

The agreement means member states can apply for funds from the €800-billion fund for energy projects as part of their national recovery and resilience plans. The Council made the announcement in a statement. The agreement still needs to be formally approved by the EU institutions.

The REPowerEU plan „will enable us to finance the necessary investments“ to diversify energy supplies and accelerate Europe’s exit from dependence on Russian oil and gas, said Zbyněk Stanjura, the Czech finance minister who represented the 27 EU member states at the negotiations.