National Grid PLC (LSE:NG.) said the world’s longest subsea electricity interconnector is opening today between the UK and Norway, which is expected to provide a more secure energy source for Britain as power prices soar.
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At full capacity, the cable will generate 1,400 megawatts (MW), providing enough clean electricity to power 1.4mln homes in the UK.
The €1.6bn North Sea Link (NSL), a joint venture between National Grid and Norway’s Statnett, will enable the trade of renewable energy between the two countries, helping to reduce carbon emissions in the UK and ensure “secure, affordable and sustainable electricity supplies for UK consumers”, National Grid said.
National Grid already operates links to Belgium, France and the Netherlands, and by 2030, 90% of the electricity imported via these interconnectors will be from zero carbon sources.