23 August 2018
NeuConnect granted UK Interconnector Licence by OFGEM
NeuConnect – a vital new electricity interconnector between the UK and Germany – has been granted a UK Interconnector Licence by regulators OFGEM, it was confirmed today.
NeuConnect is a privately-financed £1.4bn / €1.6bn interconnector that will create the first direct link between UK and German networks, allowing 1.4GW of electricity to flow in either direction – enough to power tens of millions of homes over the life of the project. By connecting two of Europe’s largest energy markets for the first time, the project will offer a more diverse and sustainable supply, delivering much needed resilience, security and flexibility in Germany and the UK.
News that NeuConnect have now been granted a UK Interconnector Licence builds on a period of strong progress so far in 2018, with over 700km of seabed surveys between Germany and the UK completed ahead of schedule earlier this summer. The project is now working towards the tendering of major Engineering Procurement and Construction (EPC) contracts later in 2018 and early 2019, with NeuConnect targeting 2023 for project completion.
NeuConnect CEO David Inglis said: “Receiving a UK Interconnector Licence from OFGEM takes us another important step towards the delivery of this vital new energy link. With Geotechnical seabed surveys completed, major procurement set to begin later this year and now a crucial regulatory licence secured, we remain focused on completion in 2023, helping meet the UK and Germany’s future energy needs in less than 5 years.”
NeuConnect is being developed by an international, experienced consortium that includes Meridiam, Allianz Capital Partners on behalf of Allianz Group and Kansai Electric Power, with the project also supported by Greenage Power and Frontier Power as developers. The key partners bring a proven track record in delivering large-scale energy infrastructure, creating a team with significant experience and expertise in interconnector projects.