The Ministry of Energy announces the signing of 21 more financing contracts within the Modernization Fund, Key Program 3- Support for the expansion and modernization of the electricity distribution network. The total value of the projects is of about 3.2 billion lei (3,214,137,593.33 lei), the equivalent of about 646 million euro (646,018,851.79) euro. The total value of the state aid granted from the Modernization Fund is of 2,081,721,527.33 lei, the equivalent of 418,411,257.07 euro.
“Until this moment, the Ministry of Energy has ensured, through the Modernization Fund, the financing of 38 projects that contribute substantially to the expansion and modernization of the electricity distribution network, for which the total amount of state aid amounts to 2,951,936,204.43 lei, the equivalent of 593,318,232.96 euro,” the ME press release states.
“Since the beginning of my mandate, we have focused on two main directions: accelerating investments in energy infrastructure and ensuring a quality service for all citizens.
We have a motto in the Ministry of Energy team: accelerate, accelerate, accelerate. Today we took a new step, the most ambitious so far, signing investment contracts worth over 3.2 billion lei. This money is essential for Romania’s progress. The Modernization Fund is one of the greatest opportunities for development that Romania has in recent history, and our commitment is to make the most of it in the shortest possible time.
What do these grant investments mean? Modernizing electricity distribution networks and increasing their degree of resilience in the context of climate change, by moving overhead power lines underground; increasing the absorption capacity of new prosumers and renewable energy production capacities, a phenomenon we fully support; digitization of networks through the introduction of smart meters, with a focus on large urban communities.
The most important benefit is that all these investments of billions of lei are made from the Modernization Fund, without putting pressure on the distribution tariff, so without leading to an increase in bills for the final consumer. Moreover, we ensure access to a high quality and reliable service for all consumers.
Through these investments, Romania is making the leap towards a new national energy system model, the backbone for the Romania of the Future. A system in 3D: decarbonized, digitalized, decentralized,” said Sebastian Burduja, Minister of Energy.