December 4, 2014
As the pilot phase of the EU Project Bonds Initiative is coming to an end, a roundtable discussion in the European Parliament takes stock of the initiative.
December 2, 2014
In July 2013, the much-hyped joint European commission/EIB ‘Project Bond Initiative’ (PBI) had scarcely got off the ground – in its pilot phase at least – when unusual natural events took over. Work at the EUR 1.7 billion Castor underground gas storage plant off the coast of Valencia commenced in summer 2013. But by mid-September the Spanish government was forced to halt work at the plant after 220 mini earthquakes in the area were detected in less than a month. Local residents reported the tremors following injections of natural gas to prepare Castor for operations. Subsequent research has found that the gas injection provoked 1,000 earthquakes in the region.