Estonia and Finland are moving towards the final investment decision of Balticconnector

Estonia and Finland are moving towards the final investment decision of Balticconnector

Elering AS and Baltic Connector Oy as project promoters of the Estonian-Finnish gas pipeline Balticconnector have submitted the application for grants to European Commission to apply for the funding from Connecting Europe Facility (CEF) for Balticconnector. EU-funding is precondition for making the final investment decision.

The project promoters have specified and updated in good co-operation the application for grants to reflect the recent organizational and regulatory developments in the gas sector. Additional technical and economic studies have also been completed. In addition to that Finnish promoter has been strengthened its organizational and financial capacity and the level of the maturity of the project.

Elering AS and the Finnish state-owned Baltic Connector Oy applied for substantial co-funding of Balticconnector of the project`s total 250 million euros cost. Maximum justified amount in CEF is 75 per cent. Previously European Commission has granted 5,4 million euros for the studies of the Balticconnector.

Balticconnector, connecting the Estonian and Finnish natural gas transmission networks, will be completed according to the schedule in 2019. The connection is precondition for creating the integrated Finnish-Baltic gas market and it increases the security of gas supply in the region.

For further information, please contact:
Herkko Plit, Chairman of the Board of Baltic Connector Oy, tel. +358 50 4620788
Taavi Veskimägi, CEO, Elering AS, tel. +372 715 1221