Europe: Brent oil, TTF...

During the fourth week of June, Brent crude oil futures prices experienced a...

Europe: Electricity prices fall...

In the fourth week of June, average electricity prices declined across most major...

Europe: Electricity demand rises...

During the week of June 23, electricity demand rose across most major European...

Solar and wind energy...

During the week of June 23, solar photovoltaic (PV) energy production rose in...
Supported byClarion Energy
HomeSEE Energy NewsRegion: TSO representatives...

Region: TSO representatives reaffirm commitment to Vertical Corridor project

Representatives of gas transmission and system operators (TSOs) who are signatories of the Vertical Corridor Memorandum have reaffirmed their commitment to the project. Investment decisions for the ambitious Vertical Corridor, designed to enhance gas transmission capacity across several countries, will soon be made, according to Ion Sterian, CEO of Transgaz.

On September 5 in Thessaloniki, the stakeholders reviewed the reasons behind the lack of capacity bookings during recent auctions, such as the incremental capacity auction held on July 1. They also discussed the next steps required to make the Vertical Corridor operational, with an initial proposed capacity of 10 billion cubic meters of gas.

The discussions led to the planning of joint actions, including a presentation of a unified concept at the CESEC (Central and South-Eastern European Gas Connectivity) meeting in Budapest from September 18-20. This presentation aims to secure European funding for completing the gas transmission infrastructure across participating countries. The funds will be allocated according to the unified concept presented by the TSOs, with each country justifying its need for funding to the European Commission.

Sterian outlined the planned investments, which include:

  • Greece: Funding to increase the Interconnector Greece-Bulgaria (IGB) capacity from 3.5 billion to 5 billion cubic meters.
  • Bulgaria: Funds to rebuild 63 kilometers of pipeline, enhance the Kardam compressor station’s capacity, and improve reverse flow interconnection between Bulgaria and Greece. Additional funds will support projects between Alexandroupolis and Sidirokastro and several compressor stations.
  • Romania: Funding for the BRUA 2 pipeline project and a new compressor station in the Coroi area, situated between Onesti and Medias.

Following the presentation at CESEC, the group plans to request a meeting with European Commission President Ursula von der Leyen and the new Energy Commissioner. By January 18, 2025, each country must submit its projects to the Modernization Fund. The funding decisions will be finalized by the end of March 2025, with the expectation that the Vertical Corridor project will be completed by late 2026 or early 2027.

Sterian also highlighted the importance of gas supplies from LNG terminals in Greece, Turkey, and Azerbaijan. The Alexandroupolis terminal, set to commence operations on October 1, is a key component of the project. Romania is interested in becoming a shareholder in the Alexandroupolis floating gas storage and regasification unit (FSRU), timing its involvement to maximize benefits for the country.

Supported byOwner's Engineer banner

Recent News

Supported byspot_img
Supported byspot_img

Latest News

Supported byspot_img
Supported bySEE Energy News

Related News

Europe: Brent oil, TTF gas and CO2 prices decline in late June amid easing Middle East tensions

During the fourth week of June, Brent crude oil futures prices experienced a decline. On Monday, June 23, the price settled at $71.48 per barrel, already 7.2% lower than the last session of the previous week. Prices continued to...

Europe: Electricity prices fall in late June amid lower gas costs and high renewables

In the fourth week of June, average electricity prices declined across most major European markets compared to the previous week. The United Kingdom’s N2EX market experienced the largest drop, falling by 28%. Other markets saw decreases ranging from 1.3%...

Europe: Electricity demand rises in most markets amid seasonal shifts and holidays

During the week of June 23, electricity demand rose across most major European markets compared to the previous week. Germany and Italy saw the largest increases, with demand growing by 8.2% and 8.1% respectively. France experienced the smallest increase...
Supported byVirtu Energy
error: Content is protected !!