Brussels, 21/09/2011 (Agence Europe) - In “late October”, the European Commission will unveil its legislative plans to promote investment in the energy infrastructure of the EU, Günther Oettinger confirmed on the sidelines of the informal meeting of the Energy Council, in Wroc³aw on Tuesday 20 September. “We have got quite a number of suggestions, ideas and observations to take, and we will run through these before coming out with formal proposals in late October”, said the energy commissioner. Following on from a communication of November 2010 (EUROPE 10236 and 10258), the awaited legislative package will include proposals to speed up infrastructure planning and the granting of building licences, and proposals on financing projects of European interest, based on a mix of public money and private funds. “In our proposal, we have called for smart co-financing by means of project bonds and grants, and perhaps other financing instruments”, said Oettinger. The Commission has put at nearly €140 billion the investment required in the electricity transmission system - including €70 billion for the land network, €30 billion for the offshore network and €40 billion for storage and smart grid applications at transmission and distribution level. The investment required for gas conduits for the period up to 2020, furthermore, has been estimated at €70 billion. (EH/transl.fl)