Balticconnector Partners Apply for EU Funding

Estonian electricity and gas transmission system operator Elering and Finnish Baltic Connector have applied for European Union grants from Connecting Europe Facility (CEF) to finance a "substantial" part of the Balticconnector gas line.

This 7mn m³/day subsea line will link the Estonian and Finnish gas transmission networks. EU-funding is a precondition for making the final investment decision. The project operators say that it will increase the security of gas supply in the region.

According to a statement by Elering, the companies have specified and updated the application for grants, reflecting the recent organizational and regulatory developments in the gas sector. 

Additional technical and economic studies have also been completed ahead of the submission. In addition, the Finnish side has reinforced its organizational and financial capacity and the level of the maturity of the project, according to the report.

Balticconnector’s total value is put at €250mn and the maximum justified amount available under CEF is 75%. The required EC co-funding is described by parties as “substantial.”

The European Commission has already granted €5.4mn for a feasibility study. The line is intended for completion in 2019. 

Linas Jegelevicius