Lithuania and Sweden secure EUR 131m for NordBalt power link
Posted by editor on 12/18/09 • Categorized as Baltic States, Energy, Scandinavia, Security • 
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The Baltic News Service announced that Pan Baltic-Nordic electricity power link NordBalt has secured funding from the EU. The project is suppose to link the power grids of Lithuania together with the other Baltic States and Sweden by building a 350-kilometer cable of up to 1,000 megawatts across the bottom of the Baltic Sea by 2015.
According to the agency The European Commission’s Trans-European Networks Financial Support Committee on 18 December approved 131 million euros in funding for the construction of the NordBalt. The money is part of a 175-million-euro grant earmarked for the project. Based on preliminary estimates, the NordBalt will cost a total of 522 million euros.
This is a key decision by the European Commission’s institutions. The European Parliament is expected to endorse it by the end of next month.
“This is a very important stage. The approval from the European Commission’s committee means that the documents will now be forwarded to the European Parliament, which we expect will give the final approval by the end of January,” Lithuanian Deputy Energy Minister Romas Svedas told BNS.
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