The European Commission (EC) has developed a plan to modernize the electricity grids of EU countries due to high electricity prices, Reuters reported.
Lack of investment in the development of electricity grids has led to higher electricity prices: electricity costs in the EU are two to three times higher than in China and the United States. The new plan to modernize the electricity grids will allow EU countries to circumvent environmental restrictions when building energy facilities.
According to the agency, due to outdated energy infrastructure, EU countries could significantly reduce their production of renewable energy by 2040.