Ofgem has approved a total of five interconnection projects which it said will add between \u00a32 to \u00a35 a year on individual consumer electricity bills in Great Britain over the years 2030 to 2055.<\/p>\n
The approval means the projects qualify for Ofgem\u2019s ‘cap and floor\u2019 regime, which provides a guarantee of how much money they will make.<\/p>\n
It gives the developers a minimum return (floor) and a limit on the potential upside (cap) for a 25-year period.<\/p>\n
The Scotland-Northern Ireland link, known as LirlC, is being developed by Transmission Investment.<\/p>\n
It said the project will provide up to 700 MW of capacity between the Irish Single Electricity Market and the Great Britain wholesale electricity market.<\/p>\n
Both projects still face further regulatory and planning hurdles but the Ofgem approval makes them likely to happen.<\/p>\n
An existing 500 MW interconnector between Scotland and Northern Ireland has been operated by Mutual Energy since 2001.<\/p>\n
A second 500 MW link between the Republic and Wales, known as Greenlink, is due to be operational shortly.<\/p>\n
Keith Morrison, Project Director for LirIC, said: \u201cTransmission Investment are pleased with Ofgem\u2019s announcement today and its recognition of the benefits that LirIC will bring to consumers in Great Britain and Northern Ireland.<\/p>\n
\u201cIn the coming months we anticipate more important milestones including the completion of further regulatory licencing requirements.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Ofgem has approved a total of five interconnection projects which it said will add between \u00a32 to \u00a35…\n","protected":false},"author":2,"featured_media":406763,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5018,3,4],"tags":[748,393,4884,1144,712,16,15,1764],"class_list":{"0":"post-406762","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-britain","8":"category-uk","9":"category-united-kingdom","10":"tag-britain","11":"tag-england","12":"tag-great-britain","13":"tag-northern-ireland","14":"tag-scotland","15":"tag-uk","16":"tag-united-kingdom","17":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115166407776979106","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/406762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=406762"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/406762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/406763"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=406762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=406762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=406762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}