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Thursday, 04 June 2020
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Wednesday, 25 Mar 2020 07:00 pm

Norway is postponing a decision on $2.2 billion power cable to Scotland

Planning for the 2-billion-euro ($2.17 billion) (1.82 billion pounds) project is still going on, but the government needs more data on the market impact from other power cables that are currently being built before a decision can be made, Energy Minister Tina Bru said.

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Norway is postponing a decision on whether to allow companies to construct a new subsea power cable between it and Scotland, the government said on Wednesday.

Known as NorthConnect and partly owned by Swedish energy group Vattenfall [VATN.UL], the project is controversial as some Norwegian lawmakers fear rising grid costs and power prices as output from wind turbines and hydropower dams is exported.

Planning for the 2-billion-euro ($2.17 billion) (1.82 billion pounds) project is still going on, but the government needs more data on the market impact from other power cables that are currently being built before a decision can be made, Energy Minister Tina Bru said.

Publicly owned grid operator Statnett[STASF.UL] is already building two subsea cables, to Germany and Britain, which are due to start operating this year and next, respectively.

While power could flow both ways depending on supply and demand, Norway expects to be a net exporter in most years as prices tend to be higher in major European nations than at home.

Read here

Tags NorthConnect Norway Subsea power cable Vattenfall Wind turbines Hydropower dams

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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