Espoo, Finland — (METERING.COM) — June 17, 2009 – Funding of €80 million has been granted by the European Investment Bank (EIB) for the installation of an automatic metering management infrastructure in Sweden.
The funding is part of a €250 million loan to the Espoo, Finland-based Fortum Corporation to bolster energy efficiency in Finland, Poland and Sweden.
“The EIB attaches particular importance to the renewal of the Bank’s cooperation with Fortum by supporting investments contributing to energy efficiency and reliable supply in the Baltic Sea region,” commented EIB vice-president Eva Srejber.
The meters will enable remote reading, provide real-time consumption information and allow differential pricing according to the system load. Their introduction is expected to contribute to the development of a harmonized pan-Nordic electricity retail market and energy efficiency through automatic meter management standardization.
The other two elements of the project are the implementations of a large scale, natural gas-fired combined-cycle gas turbine plant at Espoo, Finland, replacing an older plant, and of a medium sized coal- and biomass-fired plant at Czestochowa, Poland.
The project is in line with the EU Action Plan for Energy Efficiency, which promotes the expansion of combined heat and power in Europe, and it supports climate change initiatives by promoting efficient generating technologies and the use of biomass for energy production, the EIB said in a statement.