Labour MEPs: EU investment fund is helping deliver smart meters that will increase efficiency and bring down energy bills for British households

Labour MEPs have hailed the success of the European Fund for Strategic Investment (EFSI), following the European Commission’s statement on the mid-term review of the EU Investment Plan.

Clare Moody MEP, Labour’s European Parliament spokesperson on budgets, said:

“EFSI is playing a critical role in getting a number of projects across Britain off the ground, projects which would not have got off the ground were it not for the funding made available by the EU Investment Plan, which Labour MEPs played a part in shaping.

“For example, Project Spark, the £1 billion (€1.3bn) project to roll out smart meters across the country, will give consumers real-time consumption information and increase efficiency of the system, leading to reduced household bills.

“Also, thanks to EFSI funding, we have the £1.2bn (€1.5bn) Galloper Offshore Windfarm, to be located 16 miles off the Suffolk coast, with a total capacity of around 340 Megawatts or enough to supply roughly 336,000 average UK households.

“The UK has been the third largest beneficiary of EFSI funds in the EU and the host of one in eight major projects, and it is only by being in the EU can we access these funds and fund these projects. This higher level of investment is contributing to more jobs and stronger growth for Britain, with more to come – but only if we remain in the EU.”