28th Jan 2020 08:50
(Alliance News) - UK energy regulator Ofgem is looking into whether National Grid PLC has met its obligations on a subsea cable project in Scotland.
FTSE 100 power firm National Grid has been developing the GBP1.3 billion Western high-voltage direct current subsea cable alongside Scottish Power Transmission PLC, which is part of Spain's Iberdrola SE.
The cable transports electricity between Scotland, England, and Wales.
Ofgem will be reviewing the performance of the joint venture and will consider whether its late delivery breaches conditions for the project, which specified an expected delivery date.
"The opening of this investigation does not imply that we have made any findings about non-compliance by National Grid Electricity Transmission or Scottish Power Transmission," added Ofgem.
National Grid shares were flat on Tuesday morning in London at 1,006.00 pence each. Iberdrola shares were 0.1% higher in Madrid at EUR9.82.
By George Collard; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
National Grid