| Author (Person) | Smith, Emily |
|---|---|
| Series Title | European Voice |
| Series Details | Vol.11, No.38, 27.10.05 |
| Publication Date | 27/10/2005 |
| Content Type | News |
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By Emily Smith Date: 27/10/05 The aim of an integrated energy market across the European continent moved a step closer on 24 October when the EU signed an energy treaty with the countries of South-East Europe. The energy community treaty, which was drawn up to boost European energy integration, will be extended to the Balkans after receiving the signatures of Romania, Bulgaria, Croatia, Bosnia and Herzegovina, Serbia and Montenegro, the United Nations-administered Kosovo, Macedonia and Albania. Turkey is negotiating to join later. All parties will now have to bring their national law into line with EU legislation on energy, competition and the environment. Market opening, investment guarantees and regulatory supervision will be stepped up. The treaty sets out investment rules for the World Bank and the European Bank for Reconstruction and Development to support improvements to the electricity structure. The World Bank has estimated that approximately EUR 12.5 billion will be required in the next 15 years to improve existing power plants and construct new ones, in addition to the EUR 8.3bn required for investments in transmission and distribution. The natural gas system will be expanded to create an intermediate gas market between the Caspian Sea and the EU. The treaty creates a supply route for gas into the EU from the Middle East and the Caspian region. The European Commission said the treaty would cut CO2 emissions from old power stations, which in some parts of the Balkans are twice the global average. For the EU, the treaty should help reduce dependence on North African and Russian gas. The Commission greeted the announcement as "a milestone in reconciliation after the wars of the 1990s". Speaking at the signing ceremony, Erhard Busek, special co-ordinator of the Stability Pact for South- Eastern Europe, said: "Implementation of this treaty will have far- reaching political, economic and social consequences for all of us, among them the development of a stable and efficient energy supply in South-Eastern Europe, the introduction of market-based regulatory systems and the geo-political importance of securing different supply routes for energy in Europe." Article reports on the signing of the Energy Community Treaty between the EU and the countries of South-East Europe, 24 October 2005. The aim of the Treaty is to contribute to an integrated energy market across the European continent. |
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| Source Link | Link to Main Source http://www.european-voice.com/ |
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| Subject Categories | Energy |
| Countries / Regions | Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Europe, Montenegro, North Macedonia, Romania, Serbia, Southeastern Europe, Turkey |
