The Ministry of Economic Affairs and Employment, the Ministry of Finance of Finland and the Ministry of Energy of Estonia have agreed to prepare for Russian gas imports to stop and to cooperate to jointly lease a floating LNG import terminal. The Finnish gas transmission system operator (TSO) Gasgrid Finland and its Estonian counterpart Elering will be tasked with assessing and negotiating the terms for leasing a floating storage and regasification unit (FSRU) and with implementing the project as fast as possible. The proposed FSRU would be moored on the coast of southern Finland; if the port construction works have not been completed by the winter 2022-2023, it could be temporarily moored in Paldiski (Estonia). Gasgrid Finland or the state of Finland would hold the majority of the ownership in the LNG terminal.
Finland plans to invest €850m to improve its energy security. On top of the LNG import terminal, the country plans to invest in rapid measures to ensure sufficient energy supplies. The government plans to temporarily scale back its climate measures to ease the surge in energy prices, including by lowering the renewable fuel blending requirement from 19.5% to 12%; such a measure could reduce oil prices for final consumers by €12c/l.
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