The European Executive Agency for Climate, Infrastructure and Environment (CINEA) has approved the final settlement of the grant agreement for co-financing construction works in the Baltic Pipe project, Gaz-System reported. The total amount of EU support for this investment, allocated to Gaz-System, amounted to EUR 242.52 million.
On December 18, 2023, Gaz-System received the last tranche of the granted funding, thus the project was closed and fully settled in this respect.
“From the beginning, the Baltic Pipe project was treated as a strategic infrastructure project aimed at creating a new gas supply corridor to European Union countries by connecting deposits located on the Norwegian Continental Shelf with the gas markets in Denmark and Poland. The implementation of the project was fully consistent with the assumptions of the European Union’s energy policy, i.e. strengthening competition, integration of gas markets, increasing security of supplies and effective implementation of the principles of sustainable development. The Baltic Pipe project was included by the European Commission on all previous lists (2013, 2015, 2017, 2019 and 2021) of projects of common interest (PCI). From the EC’s perspective, the implementation of the project was important for the entire EU,” we read in the statement.
Construction works for the Baltic Pipe project were co-financed by EU funds from the Connecting Europe Facility (CEF Energy). The value of the funding amounted to EUR 214,920,000 and it was one of the highest grants awarded under the entire CEF Energy program in the last decade, it was noted.
The CEF Energy program also co-financed the feasibility study of the project, as well as design and pre-investment works. The total amount of subsidies granted for the Baltic Pipe project amounted to EUR 266,769,601. The beneficiaries of the granted subsidies were both companies involved in the implementation of the Baltic Pipe, i.e. Gaz-System and Energinet, with Gaz-System receiving EUR 243,517,328, it was also reported.
Gaz-System is a strategic company for the Polish economy. It is responsible for the transmission of natural gas and manages almost 12,000 km of gas pipelines in Poland and the Baltic Pipe undersea gas pipeline and is the owner of the LNG Terminal in Świnoujście.