26th Mar 2015 10:38
LONDON (Alliance News) - UK power grid operator National Grid PLC on Thursday said it is intending to sign an agreement with Norwegian electricity transmission system operator Statnett SF for the proposed UK-Norway interconnector project.
The 730 kilometre interconnector between the two countries will be the first electricity link between the pair, with a planned capacity of 1,400 megawatt.
The estimated cost of the project is around EUR2 billion, with National Grid and Statnett to share the investment.
Contracts to build the link are expected to be awarded in the summer, with the construction phase expected to start this year. National Grid said it expects the link to be operational early in the next decade.
"Interconnectors have an increasingly important role to play in supporting security of supply for us and our neighbours in a cost effective manner and in helping to lower wholesale prices for consumers," said National Grid Chief Executive Steve Holliday.
Shares in National Grid were down 0.8% to 887.858 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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