LONDON
Norway plans to finalize a two billion euro investment in 2015 to construct the longest subsea electricity interconnector in the world at 700 kilometers with the U.K., according to Norway’s energy company Statnett on Tuesday.
"There will be a final investment decision this year. Then the plan will be to start up the project right after the investment decision. It might be this year with a plan to finish the project within 2020," said Christer Gilje, vice president of corporate communications of Statnett.
According to Gilje, the total amount of the investment is estimated to be between 1.5 to two billion euros.
The project is owned by Statnett and the U.K.'s National Grid with equal share of 50 percent interest in the project. It is estimated that 1,400 megawatts of electricity will be transferred by the new interconnection.
The companies plan to link Nordic and British markets, providing benefits to both sides of the cable by transmitting electricity in both directions which has been generated by wind power both in Norway and the U.K.
"When the winds blow in the U.K. and wind power production is high, Norway will be able to import power from the British at a lower price than in the Norwegian market," said Statnett.
