EnergyWatch

British energy regulator leans towards approval of Norwegian cable

The UK Office of Gas and Electricity Markets takes a positive stance on the 650 km NorthConnect cable which will transport electricity through the North Sea, as well as two additional cables. However, the regulator points out that there are tight schedules and Brexit could affect the project.

Photo: Global Tech

The UK Office of Gas and Electricity Markets (Ofgem) has evaluated three cable projects in a report and taken a preliminary positive stance on all of them.

The projects are GridLink, which connects the UK with France, NeuConnect between the UK and Germany, and NorthConnect to Norway.

"We are minded to grant GridLink, NeuConnect and NorthConnect a cap and floor regime in principle, subject to the IPA conditions 2 . On the basis of our assessment, we expect these projects to be in the interests of GB consumers as well as connected countries and Europe as a whole," writes Ofgem in the report.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Equinor says renewables still maturing

Like most other oil firms, Norway's Equinor aims to become greener. But the maturation of its renewable energy portfolio impacts the company in Q2, which sees a deficit of USD 31 in renewables.

The 'new' Seadrill estimated to be worth USD 1.2bn

SEB evaluates that the recently restructured Seadrill will have a fair equity value of about USD 1.2bn. Since the news of the restructuring broke over the weekend, the Seadrill stock price has only plummeted.

Higher revenue didn't save Subsea 7 from bottom-line loss

Subsea 7 increased its revenue with 59 percent compared to 2020, however, it was not enough to keep the balance sheet in the black on the bottom line. The offshore company states that delays and Covid-19 impacted business in the second quarter.

Further reading

Related articles

Trial banner

Latest News

See all jobs