EU Boost for Gas Storage Project
From Larne Times
A £400 million natural gas storage project at Islandmagee has been given a major boost by the European Union this week.
The proposed facility, which involves the creation of underground caverns to store up to two month’s worth of Northern Ireland’s total gas requirement, has received ‘Project of Common Interest’ (PCI) status by the European Commission and is now included on a Europe-wide list of the most important energy projects.
PCI designation means the scheme has been recognised by the European authorities as bringing benefits not only to the member state in which it is located, but to a much wider area and is important at a European level.
Crucially, the project must also be given priority and quick passage by relevant member states in the permitting process, and cooperation in its development.
Another benefit of PCI status is that the project is now eligible to apply for significant financial support from the European Union – this could be in the form of a direct grant or other forms of financial backing from institutions such as the European Investment Bank.
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