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Ofgem, the UK's gas and electricity markets office, is tendering for a new subsea power interconnection system aimed at absorbing billions of pounds of investment to help improve energy security, meet the country's climate targets and save energy consumers money
.
The energy regulator will hold a third round of investment next year to build new undersea cables to import cheaper clean energy when needed and export excess electricity
to neighboring countries.
There are currently seven operating electricity interconnection systems in the UK, connecting them to Ireland, France, Belgium, the Netherlands and Norway, which provided nearly 7% of the UK's electricity
last year.
The UK's seven power interconnection systems have a total capacity of 7.
4 GW, including IFA and IFA2 systems (3 GW) in France, BritNed in the Netherlands (1 GW), Nemo Link in Belgium (1 GW), Moyle in Northern Ireland (500 MW), East West (500 MW) in the Republic of Ireland, and North Sea Link in Norway (1.
4 GW
。
The UK government wants to more than double the capacity of existing power interconnection systems by 2030 to support its goal
of quadrupling offshore wind capacity by the same date.
Project developers and consumers will benefit from the "cap and floor" regime
set by Ofgem.
This sets a maximum "ceiling" and "floor" on revenue to ensure investors receive adequate returns while reducing costs
for consumers.
Ofgem will also run pilot cap and floor schemes for the first tender for the Multi-Purpose Interconnect System (MPI), which can connect offshore wind farms directly to submarine cable interconnect systems
.
This means that when North Sea wind resources are plentiful, these offshore wind farms can export excess power
to the UK and Europe.
Akshay Kaul, Director of Ofgem Networks, said: "As we transform our energy systems, strengthening cross-border energy interconnection is essential
to ensure future resilience, affordability and sustainability.
”
"Our next tender for the subsea power interconnect system will bring the investment we need to create green jobs and unlock the full potential of the UK's world-leading offshore wind industry, while protecting customers
by limiting costs.
"
Ofgem, the UK's gas and electricity markets office, is tendering for a new subsea power interconnection system aimed at absorbing billions of pounds of investment to help improve energy security, meet the country's climate targets and save energy consumers money
.
The energy regulator will hold a third round of investment next year to build new undersea cables to import cheaper clean energy when needed and export excess electricity
to neighboring countries.
There are currently seven operating electricity interconnection systems in the UK, connecting them to Ireland, France, Belgium, the Netherlands and Norway, which provided nearly 7% of the UK's electricity
last year.
The UK's seven power interconnection systems have a total capacity of 7.
4 GW, including IFA and IFA2 systems (3 GW) in France, BritNed in the Netherlands (1 GW), Nemo Link in Belgium (1 GW), Moyle in Northern Ireland (500 MW), East West (500 MW) in the Republic of Ireland, and North Sea Link in Norway (1.
4 GW
。
The UK government wants to more than double the capacity of existing power interconnection systems by 2030 to support its goal
of quadrupling offshore wind capacity by the same date.
Project developers and consumers will benefit from the "cap and floor" regime
set by Ofgem.
This sets a maximum "ceiling" and "floor" on revenue to ensure investors receive adequate returns while reducing costs
for consumers.
Ofgem will also run pilot cap and floor schemes for the first tender for the Multi-Purpose Interconnect System (MPI), which can connect offshore wind farms directly to submarine cable interconnect systems
.
This means that when North Sea wind resources are plentiful, these offshore wind farms can export excess power
to the UK and Europe.
Akshay Kaul, Director of Ofgem Networks, said: "As we transform our energy systems, strengthening cross-border energy interconnection is essential
to ensure future resilience, affordability and sustainability.
”
"Our next tender for the subsea power interconnect system will bring the investment we need to create green jobs and unlock the full potential of the UK's world-leading offshore wind industry, while protecting customers
by limiting costs.
"
