Leaders for all EU countries meet in Brussels on Friday for what has been called the EU’s first ever energy summit. Photo:Yves Logghe/Scanpix

Sweden: No to EU funding for energy integration

Sweden has said no to use more EU funds to integrate the European energy market. This comes as leaders from all countries within the European Union prepare to meet on Friday for what has been called the EU’s first ever energy summit. But the expectations are low.

“We agree with the idea that we could have cross-border transport of energy from one country to another,” Prime Minister Fredrik Reinfeldt told news agency TT. “But we are not supporting the idea that EU funds, ie taxes, should be used to finance the expansion.”

The European Commission has estimated that the project will cost at least US$ 1.3 billion, or 1 billion euros, through 2020. Most of the money wuld be spent on linking national and regional systems.

How the venture should be financed has not been decided but calls have been made for the European Union to put up most of the money.

But Reinfeldt and his government think that the market should decide.

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