Norwegian grid operator Statnett is expected to make a final investment decision in the first quarter on a 1.5-2 billion euro project for what would be the world’s longest subsea cable. The power inter connector to Britain aims to secure power supplies in both countries. According to Statnett’s website, the project will provide benefits to both sides. When there are higher winds Norway will be able to import power from the British at a lower price than in the Norwegian market and conserve the water in its many hydropower reservoirs.Britain, respectively, will have the opportunity to buy cheaper hydropower from Norway when it needs.
The state-owned Statnett has already received governmental approval for the project in October 2014. The 700-km long cable across the North Sea should be ready by 2020 after the final investment decision is coordinated with the British National Grid, Reuters reported citing a statement from Statnett.