The partners behind a new submarine cable linking Finland and Estonia have marked progress to date by laying the cornerstone for the €320 million project.
Fingrid and Elering are jointly building the EstLink 2 high voltage direct current (HVDC) link, which will play an important role in the development of the Baltic electricity market. The cornerstone was laid at a substation in Püssi, Estonia.
The two electricity transmission system operators report that they have completed work to reinforce the electricity network in Estonia and that earthwork in Finland is complete. The project’s strategic significance has brought €100 million of funding from the EU’s economic recovery package.
“The EstLink 2 connection due to be ready in 2014 will almost triple the transmission capacity between Finland and Estonia, hence contributing greatly to the wholesale market of electricity in the Baltic Sea region,” said Jukka Ruusunen. “When electricity can be transmitted across national boundaries without obstructions, the market is larger and more efficient.”
Taavi Veskimägi, President and CEO of Elering, said that the link would be especially important for Estonian consumers because the market in Estonia relies largely on a single producer. “Together with EstLink 1 it will give Estonia a connection of 1000 MW to the Nordic countries. This means that consumers will get the best price from the different electricity producers competing in the area,” said Veskimägi.
Sian Crampsie
17 November 2011
MPS
Linkedin
