Baltic Business News
The European Commission decided today to allocated 100 million euros for the construction of Estlink 2, a new submarine transmission cable between Estonia and Finland, a project by Fingrid and Elering, the electricity transmission system operators in Finland and Estonia. The capacity of the new link costing a total of approx. 320 million euros is 650 megawatts, and it is due to be commissioned in early 2014.
The Commission said the transmission connection between Finland and Estonia was very important, which is why it granted the subsidy. The subsidy is part of a broader recovery package of the EU, aiming to stimulate economic activity in the Union and also support the strategic energy policy objectives.
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EU to provide 100 mln euros in building a second submarine cable between Estonia, Finland