A well-connected EU energy market where energy flows freely across borders and no Member State remains isolated from the EU energy networks is a pre-condition for creating a resilient Energy Union. 15 EU and Energy Community countries in the Central Eastern and South East Europe have agreed to work together to accelerate the building of missing gas infrastructure links and to tackle the remaining technical and regulatory issues which hamper security of supply and the development of a fully integrated and competitive energy market in the region.
The Memorandum of Understanding that formally launches this initiative was signed in Dubrovnik by EU Commission Vice-President Maroš Šefčovič and EU Commissioner Miguel Arias Cañete and by the Energy Ministers and their representatives from Austria, Bulgaria, Croatia, Greece, Hungary, Italy, Romania, Slovakia, Slovenia, Albania, Former Yugoslav Republic of Macedonia, Serbia and Ukraine (Bosnia and Herzegovina and Republic of Moldova will sign at a later stage).
In general, infrastructure projects should be financed by the market participants, but where necessary for their timely completion, the involvement of the European Investment Bank and the European Bank for Reconstruction and Development will be considered by the CESEC countries. Project promoters are also encouraged in particular to make use of the opportunities offered by the new European Fund for Strategic Investment.
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