Elering signed financing agreement on studies for Balticconnector

Saturday, 16 May 2015

Estonian state-owned power grid company Elering signed with the European Commission a financing agreement on studies for the Estonian-Finnish gas connection Balticconnector, Public Broadcasting reports.

The European Union supports research related to the construction of Balticconnector from the CEF (Connecting Europe Facility - CEF) energy program. CEF covers the cost of studies for up to 50% or 5.4 million euros. The grant is divided between the Estonian and Finnish gas system operators.

"Balticconnector, which physically links the Estonian and Finnish gas networks, is important for improving gas supply reliability in Estonia, Finland and the Baltic countries in general. Balticconnector also gives an impetus for emergence of a common Baltic-Finnish gas market. Elering is working towards submitting the application for financing the construction of the connection later this year," commented the CEO of Elering Taavi Veskimägi.

The studies to be carried out include commercial analyzes to assess the economic impact of Balticconnector, land gas pipelines and compressor stations projects, sea bed environmental impact assessment, additional geotechnical and geodetic surveys and also engineering procurements for Balticconnector.

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