On 13 October 2017, the Ministry of Economic Affairs and Employment authorised the building of the Balticconnector gas pipeline across the Finnish border. The gas pipeline will be built between Finland and Estonia. When completed, the Balticconnector project will enable the opening of the Finnish natural gas market for competition and connect Finland to EU’s common energy market.
“Integration with the European gas market means that when the Finnish gas market opens in 2020, new market participants can be introduced to the market. There is more competition on open gas markets, which also affects gas pricing. Balticconnector will diversify gas sources and supply routes while also improving operational reliability,” says President and CEO of Baltic Connector Oy, Herkko Plit.
The Balticconnector project meets the Commission’s objective to connect Europe’s gas networks. In addition, it will enable the creation of a shared market for Finland and the Baltic states. The project will also improve Finland’s energy security and security of supply. The permission is in force for five years during which the project must be completed.
Baltic Connector Oy is a state-owned company set up in 2015 to implement the Finnish part of the Balticconnector gas pipeline to be built between Finland and Estonia. When completed, Balticconnector will connect the gas networks of Finland and the Baltic countries and will enable the opening of the gas market in Finland. The EU has granted funding to cover 75% of the project, and the project is due to be completed by 2020.
President and CEO, Herkko Plit, tel. +358 50 4620 788