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MNI BRIEF: Brussels Aims At Repurposing NGEU Funds To Energy

(MNI) Brussels

The EU Commission issued guidance Wednesday to member states on how to “modify and complement” their existing Recovery and Resilience Plans in order to assure energy security following Russia’s invasion of Ukraine. According to the Commission, the objectives of the REPowerEU project would require EUR210 billion between now and 2027, saying that the EUR225 billion already available in the loans component of the RRF will be key to financing that (MNI: EU To Redirect EUR200Bln NGEU Loans Due To War- Officials).

Further details on RRP repurposing will be included in the Commission fiscal guidance for 2023 and European Semester package which will be published on May 23.

Brussels has also proposed to increase the RRF financial envelope with EUR20 billion in grants from the sale of EU Emission Trading System allowances currently held in the Market Stability Reserve, while a further EUR26.9 billion could also be transferred from existing EU cohesion funds on a voluntary basis.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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