The EU plans to launch a 565 billion euro energy plan to vigorously develop photovoltaics and new energy vehicles

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EU plans to launch energy system digitization plan

The executive branch of the European Union will reportedly develop a new plan to digitize the energy grid.The action plan, called the "Digitalisation of the Energy System" programme, is due to be unveiled by the European Commission next week, according to a draft document.

The plan would require the European Union to invest 565 billion euros ($556 billion) in infrastructure by 2030 to achieve its green plan and end Russia's reliance on fossil fuels.

Under the proposal, the EU seeks to push for sharing electricity usage data from 2024 to help increase flexibility in the region's energy markets, such as allowing electric vehicles to re-feed electricity back into the grid.

The document proposes several green action plans: Install solar panels on the roofs of all commercial and public buildings in the EU by 2027;Install solar panels on new residential buildings; install 10 million heat pumps over the next five years; put 30 million zero-emission vehicles on the road by the end of 2030.

The action plan states that the Russian-Ukrainian conflict and the current high energy prices make it all the more necessary for the EU to increase its independence and strategic sovereignty and security over Russian fossil fuel imports in the creation of a digital energy system.

However, the document also states: "The action plan is still subject to change."

The document also says that as electricity demand in the region grows, the EU needs a more resilient energy network to accommodate solar and wind systems that are more vulnerable to weather changes, while also directing electricity to where the EU needs it mostThe place.

EU will also discuss plans to lower fuel prices

According to EU diplomats, the European Commission will also release a document on September 28 detailing measures the EU may take to reduce fuel prices amid the current surge in energy market prices, as well as measures to ease energy marketsvolatility and measures taken to increase trading volume.

On September 30, EU energy ministers will discuss proposals to impose a windfall tax on low-cost electricity producers and cut electricity demand, especially during peak hours.

The EU will set up a group by March next year to promote energy data sharing between EU member states and businesses.

The EU will also support transmission system operators in creating a "digital twin" of the grid, which will help increase the efficiency of the grid.

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