26 Oct 2009

NIB loan for remote reading system of electricity usage

NIB and the Finnish electricity distribution company Helen Electricity Network Ltd have agreed on a long-term loan of EUR 28 million. The loan is intended to support an investment programme for the implementation of a remote reading system of electricity usage.

When the investment programme is completed, by the end of 2013, some 350,000 households and other consumption sites in Helsinki will be connected to the new remote reading system.  Based on two-way communication the system includes a variety of features that will improve the clients’ means of controlling and optimising their use of electricity, for example, the possibility of real-time readings.

Helen Electricity Network’s clients will gain a better overview of their electricity consumption. Their electricity bills will be based on real consumption instead of projections. As a result of the new system, electricity consumption is expected to decrease by around 5% annually. Because lower consumption results in a decrease in electricity production the investment programme will result in reduced emissions from energy production using fossil fuels.

“This project is a good example of how small steps can contribute to reducing humanity’s ecological footprint. Improved energy-efficiency and lower energy consumption are key means of decreasing the use of fossil fuels,” says Johnny Åkerholm, NIB President and CEO.

The new system will also enhance Helen Electricity Network’s client service and improve control and planning of the electricity network’s capacity.

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For more information, please contact

NIB

Mr Lars Selenius, Senior Director Lending, on +358 10 618 0502 or

Mr Kim Krokfors, Senior Manager Lending, on +358 10 618 0517 or

Ms Linda Lindfors, Communications Specialist, on +358 10 618 0299 or

Helen Electricity Network Ltd

Mr Risto Harjanne, Managing Director, on +358 9 617 2400 or

Mr Jouni Lehtinen, Unit Manager, on +358 9 617 2581 or

Mr Mauri Vatanen, Unit Manager, on + 358 9 617 2488 or