London, 24 February 2023

Ofgem finds the Aquind Interconnector request for ‘Cap and Floor’ eligible for further assessment.

AQUIND welcomes Ofgem’s decision to advance AQUIND Interconnector to the next stage.

In December 2022 AQUIND Interconnector applied for the Initial Project Assessment within the Third Cap &Floor Window. Today Ofgem has announced that AQUIND Interconnector has passed eligibility stage and is now going forward to the ‘needs case assessment’ stage. Ofgem assessed our application against the eligibility criteria (link to Ofgem document below) and will now progress to the IPA stage for projects likely to be of interest to GB consumers. Ofgem plans to consult on the IPA decision in the latter half of 2023. In the meantime, AQUIND is looking forward to working with Ofgem and its advisors on the assessment of the project.

A spokesman for Aquind Ltd said:

We welcome Ofgem’s decision to advance Aquind Interconnector for the next stage to achieve Cap and Floor status. Aquind Interconnector will contribute to energy security, resilience and supply shocks, by connecting power generation capacity in Britain and France. The interconnector will deliver up to 5% of Great Britain’s annual electricity consumption – enough to power five million British homes with more affordable and sustainable electricity. This project is one of the key elements of infrastructure to help reach Net Zero sooner and at a lower cost.”