NYAB signs two new contracts with Svenska kraftnät

NYAB Plc
INVESTOR NEWS
26 May 2023 at 12:45

NYAB signs two new contracts with Svenska kraftnät

In December 2022, NYAB and Svenska kraftnät signed an agreement to prepare for the construction of Aurora Line, a new electricity transmission connection between Sweden and Finland. Aurora Line will increase transmission capacity, improve security of supply, and enable an increase in renewable electricity production in the Nordics and Baltic Sea region. NYAB and Svenska kraftnät have now signed an important additional contract where the parties have agreed not to disclose estimated monetary value.

The additional contract relates to the first phase of the transmission connection between Dockasberg and Risudden. The first phase includes planning work and has been ongoing since early 2023. The signed additional contract includes work of a preparatory nature and, among others, purchases that are time and delivery critical for the upcoming phase two.

NYAB and Svenska kraftnät have also recently signed another smaller contract that relates to infrastructure construction in Messaure, where a new 400 kV substation will be constructed.

Aurora Line enables the green transition

Aurora Line is a new 400 kV transmission line that Svenska kraftnät, together with its Finnish counterpart Fingrid Oyj, is in the process of building. The transmission connection is constructed from Pyhänselkä in Muhos, via Keminmaa, to Messaure on the Swedish side of the border. Aurora Line is intended to be completed in 2025 and will increase the transmission capacity between Sweden and Finland by approximately 700 MW upon completion.

NYAB can offer all its expertise in the energy sector to the project.

“As energy builders, we are very honored by the trust Svenska kraftnät has shown us with these two newly signed contracts”, says Magnus Granljung, Senior Vice President, Sweden at NYAB.

Increased security of supply

The new line between Sweden and Finland will be of great benefit to the entire Nordic electricity market. It increases security of supply in Finland and integrates the country further into the Nordic electricity system. It also enables us to make better use of balancing power and reserves in both Sweden and Finland.