Romania plans investments of some 7.1 billion lei ($1.41 billion/1.45 billion euro) in the development of its electric power transmission network between 2022 and 2031, the country's energy regulator ANRE said.

The development plan compiled by power grid operator Transelectrica [BSE:TEL] was approved by ANRE on Wednesday, according to a press release.

Some 29% of the planned investment will be used to upgrade existing electric transmission networks, 26% will be used to integrate green energy production into the national energetic mix and 30% will be used to increase interconnection capacity, ANRE said.

Between 2023 and 2025, scheduled works will be focused on increasing the electricity transmission capacity and meet consumption demand.

The investment plan will enable Romania's grid to take in over 7,000 MW from new renewable energy sources by 2030, according to its Integrated National Energy and Climate Plan, PNIESC.

Transelectrica invested 1.1 billion lei between 2018 and 2022, mostly in the upgrade of overhead electric lines, according to ANRE.

In October, Transelectrica announced that it has signed 424 million euro ($415.6 million) worth of non-refundable financing contracts under the EU's Modernisation Fund for projects for the development of the national grid infrastructure.

The nine projects will contribute to the rise of the interconnection capacity with the European power system and to the development of Romania's transmission electricity system, Transelectrica said at the time.

Blue-chip Transelectrica's shares traded 0.86% higher at 17.6 lei as at 1356 CET on Thursday on the BVB.