Finland will provide energy companies with state guarantees for ten billion euros

HELSINKI, September 4 – RIA Novosti. The Finnish government, amid the shutdown of Nord Stream, proposes to allocate 10 billion euros as state guarantees to the country’s energy companies, Prime Minister Sanna Marin said at a briefing on Sunday.
Earlier Sunday, the Swedish government announced similar measures, providing SEK 250 billion ($23 billion) in liquidity guarantees to the country’s energy companies, lasting until March next year. There are fears that electricity prices will rise sharply on Monday morning when the exchange trades begin. The sharp rise in prices could lead to the fact that electricity companies will need at least hundreds of millions or even billions of euros in additional financing to ensure supply guarantees, the Finnish media specified earlier.

Finnish authorities urged residents to save energy

“The government is proposing a €10 billion government loan and guarantee program for electricity generation companies in Finland,” Marin said.
Finland will continue to discuss the situation with Sweden, which is preparing its own support measures and will promote measures to improve the functioning and stability of the energy and derivatives markets in the EU, Finnish Economy Minister Mika Lintilä said at a briefing.
It is proposed that the loan and guarantee scheme will operate on market terms until the end of 2023 with a maximum maturity of 2 years. The Cabinet’s proposal is subject to approval by the Finnish Parliament.
Nord Stream has been operating with restrictions since mid-June, and since the end of July, it has been operating at only 20% of its nearly 170 million cubic meters of capacity per day. The Russian side emphasized that the decrease in supplies was due solely to sanctions, which caused problems with the maintenance and repair of Siemens gas pumping units. Recently, only one turbine provided work.
On Friday, Gazprom reported that Nord Stream, which had previously been stopped for three days for scheduled maintenance, could not resume operation due to an oil leak at the only operating Trent 60 unit. A representative of the German Siemens Energy said that the company did not considers the conclusion of Gazprom as a technical reason for stopping the gas pipeline.
However, after the Russian company announced that Siemens is involved in the repair work of the unit, it detects malfunctions and is ready to fix them, but because of the sanctions, there is nowhere to do this.

The French stated the “death of Europe” without gas supplies from Russia

Translation by RJ983

Disclaimer: Via RIA Novosti – Checked

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