British energy company National Grid and Statnett, the Norwegian transmission system operator (TSO), have signed a co-operation agreement to continue work on the interconnector to link the two countries.
The NSN interconnector, the world’s longest subsea interconnector. will have a capacity of 1400 MW and will be the first electricity link between the two countries.
The link will contribute to further integration of the North-European power markets and strengthen the North-European power grid. It will support production and consumption of renewable energy and help towards achieving EU 2020 renewable goals. When in operation, the interconnector will also contribute to increased reliability and security of supply in both countries.
The interconnector is a cornerstone in the network development plans for the countries surrounding the North Sea basin, and of high priority to the companies. The NSN project will now focus on obtaining the necessary regulatory and environmental agreements and concessions as well as preparing for the procurement of cable and two converter stations. If the project reaches an investment decision as planned in 2014, the interconnector is expected to be complete in 2019/2020.
"This is another important stage in the development of what will be the world’s longest subsea interconnector. The joining of the energy systems of both countries brings much wider benefits – delivering secure and affordable power to consumers as Europe moves towards integrating its renewable energy", says Steve Holliday, National Grid’s Chief Executive.
Recently, Statnett also signed a cooperation agreement with German TSO TenneT and German investment bank, KfW, for the NORD.LINK interconnector project linking Norway and Germany.
"These agreements are important for us to take the projects one step further. We are now ready to submit the application for Norwegian Interconnector License to the Norwegian Ministry of Petroleum and Energy. Together these events represent a key milestone for the projects", says Statnett CEO, Auke Lont.
The interconnector projects comprise an investment volume of approximately EUR 1.5 - 2 billion each. The cooperation agreement for NSN provides for a 50:50 partnership between Statnett and National Grid. The NORD.LINK project is owned 50 per cent by Statnett and 50 per cent by Tennet and KfW.
(Press release)
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