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Regulators reject France-Spain gas interconnection project

PARIS, Jan 22 (Reuters) - French energy regulator CRE and its Spanish counterpart CNMC have rejected French and Spanish grid operators Terega and Enagas’ project to build a gas pipeline across the Pyrenees, the CRE said in a statement on Tuesday.

French energy regulator CRE said in a statement that the 442 million euro ($502 million) STEP interconnector project did not respond to market needs and was not sufficiently mature to get a go-ahead from regulators.

Reuters reported last April that a report prepared for the European Commission had questioned the viability of STEP, which would have been the first part of an EU-backed 3 billion euro ($3.4 billion) Midi-Catalonia (Midcat) pipeline project that would have more than doubled the amount of gas that can be piped between the two nations. ($1 = 0.8804 euros) (Reporting by Geert De Clercq Editing by Mathieu Rosemain)

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