EIB to invest €300m in UK-Netherlands transmission network

EIB, the lending bank of the European Union, is to invest €300m towards the construction of an offshore electricity transmission cable linking the UK to the Netherlands. EIB is to contribute 50 per cent of the budget for the €600m project, which is a joint venture between UK grid operator National Grid and Netherlands grid operator TenneT.

The BritNed Interconnector will have a capacity of 1,000MW, and will be owned 50-50 by National Grid and TenneT.

‘BritNed will be a key element of European electricity infrastructure, enabling greater electricity trading, and improving security of supply, for the benefit of both the UK and the Netherlands,’ said Simon Brooks, vice president for lending operations in the UK and Netherlands, EIB.

The 260km BritNed HVDC link will be made up of some 250km bundled marine cables buried below the bottom of the sea bed and land cables accessing converter stations in the Isle of Grain, Kent, and Maasvlatke, near Rotterdam.

TenneT CEO Mel Kroon has expressed hopes that the cable will offer greater energy security for both countries, and boost competition byimproving connections with European markets.

‘The BritNed cable provides a significant number of advantages, for producers and consumers alike. Thanks to BritNed, international trade will increase which will result in more stable prices for electricity in both countries and furthermore improves the security of supply,’ said Kroon.

‘BritNed represents an important physical link on the road to a strong European power supply market,’ he added.

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