Following a tug-of-war with France over the cancellation of a submarine agreement between France, Britain and Australia, the UK has closed a mega-power deal with Norway aimed at reducing wholesale electricity prices, possibly Up to 3.5 billion euros. The next 25 years.
According to the Department for Business, Energy and Industrial Strategy, the agreement is a prelude to North SeaLink launching commercial testing operations in October, the first electricity co-ordinator between the two European countries.
The 1400 MW cable startup is expected to provide a viable solution to the increase in electricity prices in both countries, although UK prices are at a very high premium, meaning that it will initially be from Norway to the UK. Will export electricity to
The UK is expected to take advantage of Norway’s vast hydropower resources to support intermittent wind power.
Norway, on the other hand, can import cheap additional renewable energy to save water in its hydropower reserves.