(Alliance News) – Prysmian Group Spa announced Wednesday that it has reached a major milestone with SP Transmission PLC and National Grid Electricity Transmission PLC, two UK transmission grid owners.
Following the selection of Prysmian as the exclusive preferred bidder in May, the agreement provides for an initial payment of €85 million and a guarantee of continued capacity availability by Prysmian Group for the construction of the Eastern Green Link 1 cable link during the remaining negotiation period with a timely contract target within one year.
Eastern Green Link 1 provides a high voltage mains terrestrial and submarine cable link which will use approximately 400km of cable over a distance of approximately 200km and will connect Torness in Scotland to Hawthorn 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 and the over 5km stretch will also connect the switching stations and subnet to the Scottish end of the span,” the company explained in a note.
“EGL1 is part of a series of planned extensions to the electricity network which aim to increase the capacity of the UK’s existing transmission network and promote a greater flow of renewable energy from the north of the country to centers in the southern regions that need it. This connection will therefore support the ambition to produce 50 gigawatts of power. Wind Offshore by 2030 and Achieve a Net Zero Economy by 2050.”
Prysmian closed 0.2 percent in the green on Tuesday at 38.08 euros per share.
By Claudia Cavalier, Alliance News correspondent
Comments and questions to [email protected]
Copyright 2023 Alliance News IS Italian Service Ltd. All Rights Reserved. All rights reserved.
