European Investment Bank to Give 150 Million euros in Funding to Fenno-Skan 2 Submarine Cable
European Investment Bank (EIB) has granted a loan of 150 million euros to Fingrid for the implementation of Fenno-Skan 2, the second submarine cable between Finland and Sweden. Fenno-Skan 2 is one of the priority energy transmission projects within the Baltic Sea region.
Fenno-Skan 2 will be an 800 MW electricity transmission connection between Finland and Sweden. The total length of the link will be approx. 300 km, of which the actual submarine cable will account for some 200 km. The connection will be completed towards the end of 2011.
Fenno-Skan 2 will improve the electricity transmission capacity between Finland and Sweden by about 40 per cent, integrating the electricity market in the Baltic Sea region even more closely together.
The cable link will decrease regional price differences in the electricity market and reduce the risk of a serious disturbance and electricity supply interruptions. The submarine cable connection will be implemented jointly by transmission system operators Fingrid Oyj and Svenska Kraftnät in Finland and Sweden respectively.
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