UK and Germany support the 1.4 GW NeuConnect interconnection project
The governments of the UK and Germany have pledged their support to the 1.4 GW NeuConnect interconnection project, a new electricity interconnector that will create an energy highway between the UK and Germany.
The project is led by global investors Meridiam, Allianz Capital Partners, and Kansai Electric Power, NeuConnect is a GPB1.4 billion (US$1930.22 million) privately-financed interconnector that will create the direct link between the UK and German electricity networks, helping deliver a more resilient and sustainable electricity supply, while also helping to lower costs for consumers.
By integrating renewable energy sources in Germany and the UK, NeuConnect will allow 1.4 GW of electricity to flow in either direction, helping to deliver:
- A significant reduction in CO2, supporting net-zero goals – By integrating renewable energy sources in Germany and the UK, NeuConnect will deliver a net reduction in carbon emissions of 16 MtCO2 over 25 years
- Greater energy security and huge consumer benefits – Over 700km of subsea cables will form an ‘invisible highway’ to allow 1.4GW of electricity to flow in either direction, helping to deliver a more resilient energy supply in the UK and Germany; supporting each country’s renewable energy growth ambitions, and delivering over GBP3 billion (US$4153.49 billion) of consumer benefits
- The single-largest Anglo-German investment project and an important symbolic link – Along with creating an important new piece of energy infrastructure, NeuConnect is currently the single largest Anglo-German investment project and will represent an important symbolic link between the British and German economies
NeuConnect’s investors have confirmed their renewed commitment to delivering the project following a period of significant progress and key milestones including:
- New energy legislation passed in Germany under which NeuConnect will operate
- NeuConnect’s updated UK interconnector license confirmed by the energy regulator Ofgem
- A major GBP1 billion (US$1384.5) procurement program nearing completion
- NeuConnect targeting financial close in September which would allow initial works to begin later this year followed by major construction works starting in 2022
