(Allianz News) – Brysmian Group SpA announced on Wednesday that it has reached a major milestone with SP Transmission plc and National Grid Electricity Transmission plc.
After Brysmian was selected as the exclusive preferred bidder in May, the contract provides for an initial payment of EUR85 million and guarantees continued availability of capacity by the Brysmian Group for the construction of the East Green Link 1 cable connection for the remainder of the negotiation period. The scope of the contract is timely within one year.
East Green Link 1 provides a high voltage direct current submarine and overland cable connection, which will use approximately 400 km of cable over a distance of approximately 200 km and will connect Dorness in Scotland to Hawthorne Pit in the north of England.
“With a power transmission capacity of 2 GW, this link is expected to be the first cable system in the UK to use 525 kV high voltage DC technology with extruded XLPE insulation. A 400 kV high voltage AC cable system requires approximately 30 km of cable. Over 5 km long with a Scottish end, the transition and network connecting substations,” the company explained in a note.
“EGL1 is part of planned expansions to the electricity grid, which aim to increase the capacity of the UK’s existing transmission network and encourage a greater flow of renewable energy from the north of the country to hubs in the south where it is needed. The link will therefore generate 50 GW of offshore wind power by 2030 and achieve a net zero economy by 2050. Support ambition.
Prysmian ended up 0.2 percent in the green at EUR 38.08 a share on Tuesday.
By Claudia Cavaliere, correspondent for Alliance News
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