Finland's gas transmission system operator (TSO) Gasgrid Finland has agreed to lease an LNG terminal vessel from Excelerate Energy, which will be located on the southern coast of Finland, over a ten-year period. The vessel’s regasification capacity is 140 GWh/day (around 14 mcm/d or 5.2 bcm/year), exceeding Finland’s annual natural gas demand, which has historically been approximately 2.5 bcm/year. The storage and supply capacity of the vessel is sufficient for the gas needs of both Finland and Estonia.
The aim is to make the floating storage and regasification unit (FSRU) available in winter 2022-2023. New port structures suitable for the terminal vessel will be built on the coasts of both Finland and Estonia: if the construction work is completed in Estonia first, the floating terminal will be placed there until the Finnish port structures are completed. The final locations of the vessel will be specified soon. The total cost of the LNG terminal vessel project with the 10-year lease is estimated to be at €460m, in addition to which there are separate costs associated with the volume of use.
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