Project to receive largest ever European energy subsidy
France has agreed to increase energy links with Spain and Portugal in an effort to reduce the Iberian peninsula’s isolation from the European electricity and gas markets.
Portuguese Prime Minister Antonio Costa welcomed the agreement after a three way summit in Lisbon.
"Interconnections are essential,” he said. “So we’ve reaffirmed here today a clear and ambitious political goal, to achieve 10 percent interconnection between the Iberian Peninsula and Europe by 2020 and 15 percent by 2030."
Emmanuel Macron emphasised the strategic importance of cooperation.
"It’s about focusing on energy sovereignty and the energy and climate transition,” the French President said. “In this context, I think we can collectively bring about answers and build a European strategy. This summit has allowed us to progress on this issue, be more efficient, more sovereign and pollute less."
An electricity line under the Bay of Biscay from northern Spain to south-west France is set to receive the largest ever subsidy from the European Commission for an energy project - €578 million.