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1. This Regulation lays down guidelines for the timely development and interoperability of the priority corridors and areas of trans-European energy infrastructure (energy infrastructure priority corridors and areas) set out in Annex I that contribute to ensuring climate change mitigation, in particular achieving the Union’s 2030 targets for energy and climate and its climate neutrality objective by 2050 at the latest, and to ensuring interconnections, energy security, market and system integration and competition that benefits all Member States, as well as affordability of energy prices.

2. In particular, this Regulation:

(a) provides for the identification of projects on the Union list of projects of common interest and of projects of mutual interest established pursuant to Article 3 (Union list);

(b) facilitates the timely implementation of projects on the Union list by streamlining, coordinating more closely and accelerating permit granting processes, and by enhancing transparency and public participation;

(c) provides rules for the cross-border allocation of costs and risk-related incentives for projects on the Union list;

(d) determines the conditions for eligibility of projects on the Union list for Union financial assistance.