This article focuses on the ability of European TSOs to meet the demand for substantial investments in the electricity transmission grid over the next two decades. We employ quantitative analysis to assess the impact of the required capital expenditures under a set of alternative financing strategies. We consider a best-case scenario Of full cooperation between the European TSOs. It appears that under current trends in the evolution of transmission tariffs, only half the volumes of investment currently planned could be funded. A highly significant increase in transmission tariffs will be required to ensure the whole-scale investments can be delivered. Finally, alternative strategies can dampen the impact on tariffs but they can only partially substitute for this increase in charges paid by network users. (C) 2013 Elsevier Ltd. All rights reserved.