NIB finances new electricity metering system in South-East Finland

NIB and Kymenlaakson Sähköverkko Oy have signed a 10-year-maturity loan totalling EUR 15 million for the implementation of a remote reading system of electricity metering in South-East Finland. The aim of the project is to improve customers’ means to control and optimize electricity usage. Approximately 100,000 consumption sites will be included in the remote reading system by the finalisation of the project in 2013.

The project is part of Kymenlaakson Sähköverkko Oy’s efforts to further develop customer service. The remote reading system increases the information on consumption patterns as well as on the functionality of the system. The two-way communication based system also enables meter reading by the hour. The information obtained will be used to increase clients’ energy awareness and to improve the control and planning of electricity capacity.

“Changing to a more consumer friendly metering system that enhances the customers’ understanding of their electricity consumption tends to lead to a decrease in the consumption. In addition to this, more in-depth information on the consumption patterns helps the provider to design services that motivate a shift from peak load periods to hours of lower aggregate demand,” says Henrik Normann, President and CEO of the Nordic Investment Bank.

Kymenlaakson Sähköverkko is a subsidiary of Kymenlaakson Sähkö Oy, which was founded in 1918. Kymenlaakson Sähkö Oy is an electricity utility operating in Kymenlaakso, South Karelia, Päijät-Häme and Uusimaa. The company’s main businesses include distribution and supply of electricity. It currently has 13 shareholders, the largest of which is the City of Kotka.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Sebastian Påwals, Senior Manager, Origination, at +358 10 618 0527,

 

Kyra Koponen, Communications Officer, at +358 10 618 0297,