Plans to install a 150 km subsea HVDC cable across the Gulf of Finland are being explored in order to export Russian electricity to Finland.

The high-voltage cable, which will connect Kernovo, location of the distribution system for the Leningrad nuclear power plant, to a district in Finland’s Mussalo peninsular, will cost about €300 million. The project, under development by Baltenergo a subsidiary of Russian nuclear generator Rosenergoatom, will allow up to 8.7 TWh of power to be transmitted annually.

According to Baltenergo chief executive Dmitri Mashkovtsev, the link will bring Russia an estimated €1.5 billion in profits over 15 years.

The tender for the construction contract is expected to be launched later this year and the project is expected to be commissioned in 2008.