As the renewable energy sector continues to grow, the European Commission plans to overhaul and upgrade the European power grid to cope with the increasing amount of electricity generated from renewable sources. The plan, worth up to 584 billion euros (about 4.55 trillion yuan), aims to promote the modernization and upgrading of power grids to better integrate renewable energy sources in different countries.

The EU executive is expected to announce its grid investment plans next week. The plan will focus on upgrading power grids, especially cross-border grids, to accommodate electricity demand and supply between different countries. Through this initiative, Europe hopes to create a more reliable, efficient and intelligent grid to support the development of renewable energy sources and meet the growing demand for electricity.

To achieve this, the plan calls on institutions such as the European Investment Bank to provide new financing instruments to speed up the approval process and attract more investors. In addition, the plan highlights support for related areas such as clean transport, heating and cooling, industrial electrification and green hydrogen production start-up, in order to meet Europe's need to be more sustainable and environmentally friendly.

With the increasing importance of renewable energy sources in the European energy mix, the need to upgrade and modernise the grid has become increasingly urgent. This large-scale investment plan shows that the EU attaches great importance to the development of renewable energy and the upgrading of the power grid, and hopes to lay a solid foundation for future sustainable development by strengthening infrastructure construction.

The implementation of this plan will bring great opportunities for the renewable energy industry and grid construction in Europe. Through the construction and upgrading of modern power grids, renewable energy will be better integrated into Europe's energy mix and make greater contributions to Europe's sustainable development. Editor/Xu Shengpeng