The EU is investing and supporting infrastructure that is needed to unite the energy markets. Today, the European Commission has allocated €187.5 million for the construction of the Balticconnector, the first Estonia-Finland gas pipeline. The Balticconnector will end the gas isolation of Finland and develop the Baltic regional gas market. It contributes to solidarity and security of supply in the entire Baltic region. Commissioner for Climate Action and Energy Miguel Arias Cañete said: “Diversifying energy sources and routes, and uniting the energy markets, is at the heart of the Energy Union. This is key to ensuring secure, affordable and sustainable energy for all EU citizens. What the Commission has started with the Poland-Lithuania pipeline (GIPL) we are now pursuing with the support to Balticconnector – promoting a chain of projects that will end the gas isolation of north-Eastern Europe and develop the Baltic regional energy market”. The EU’s financial support to the Balticconnector comes from the Connecting Europe Facility program and corresponds to 75% of the needed funding. The pipeline will be constructed jointly by Baltic Connector Oy (Finland) and Elering AS (Estonia) and it will include Finnish onshore (22 km) and offshore (80 km) sections, as well as an Estonian onshore (50 km) one. The pipeline is expected to be operational by December 2019. Till 2020 a total of €5.35 billion is allocated to European priority projects under Connecting Europe. When completed, the projects will ensure significant benefits for at least two Member States, enhance security of supply, contribute to market integration and further competition as well as reduce CO2 emissions. Find the list of all projects receiving EU support under Connecting Europe. And see MEMO/15/5845 on ending the energy isolation in the Baltics. Furthermore, the Investment Plan for Europe (EFSI) has already boosted infrastructure investment in the energy sector.
EU Institution News
EU and Norway agree to further strengthen their energy cooperation
Jun 24, 22