London, 03 October 2024
AQUIND Interconnector: A Crucial Solution to Rising Energy Bills as Winter Approaches
3 October 2024 – As energy bills continue to rise across the UK with the onset of winter, many families and businesses, particularly in the South of England, are feeling the financial strain. In Portsmouth, residents recently took to the streets in protest of the soaring energy prices, calling for urgent government action. These protests reflect a growing frustration with the rising cost of living and the need for immediate solutions to alleviate the burden on households.
AQUIND Interconnector, designed to increase the UK’s energy transmission capacity with France, offers a much-needed solution to these challenges. By stabilising energy supply and transmission, the interconnector will help reduce fluctuations in prices, providing essential relief to consumers of Portsmouth and South East England, where electricity demand exceeds local generation. The project would effectively address the UK’s energy security and affordability issues, delivering long-term benefits in Portsmouth and across the country.
Portsmouth Protests Highlight Urgency for Energy Solutions
Recent protests in Portsmouth city underscored the dissatisfaction of local residents, who are demanding action to lower bills as winter sets in.
AQUIND Interconnector is uniquely positioned to help address concerns over energy prices. By providing greater energy stability and affordability, it offers a tangible solution to the issues raised by the community during the protests. These concerns echo the results of a public opinion poll released this Summer, where Portsmouth residents expressed overwhelming frustration with energy prices and a strong demand for energy infrastructure solutions like AQUIND.
The public opinion poll, carried out by leading market research company Savanta, found that:
- 94% of Portsmouth residents feel energy bills have risen significantly in the last two years.
- 82% are dissatisfied with the current energy prices.
- 94% believe the government should be doing more to address the energy crisis.
- 69% support AQUIND Interconnector to increase energy stability and affordability between Portsmouth and Normandy.
Ben Iorio, spokesperson for AQUIND, said: “As winter sets in and energy prices continue to rise, projects like AQUIND Interconnector can play a critical role in addressing the energy crisis. If approved by the central Government, this project offers not just local benefits but national relief that will benefit millions of consumers by stabilising the energy supply and helping to drive down costs. With broad support from the community, it’s clear that people are ready for the long-term solutions that AQUIND can provide.”
Notes to Editors
For more details on the protest, see Portsmouth News coverage here.
About Aquind
AQUIND Interconnector is a bi-directional subsea electrical power transmission link between the UK and France, helping to address the lack of transmission infrastructure in the southeast of England. By allowing electricity to flow in both directions, it enhances energy security and resilience while also integrating renewable energy sources in both countries.
AQUIND will help reduce the impact of volatile gas and coal prices, which have driven up electricity bills this winter. Over its 25-year operational lifespan, it is expected to save British families approximately £2bn in energy costs (net present value, based on Baringa’s Market Scenario). The project will also provide an economic boost to Portsmouth, creating around 500 full-time jobs during the two-year construction period, with additional investment into the local economy.
AQUIND is committed to minimising the temporary impacts associated with the installation of underground cables, while engaging with key infrastructure equity investors. The estimated construction cost of the project is £1.2bn, with revenues generated from congestion rent, capacity markets in Great Britain and France, and ancillary services, such as the option to lease out spare fibre optic capacity.
The interconnector will contribute significantly to the UK’s 2050 Net Zero target, reducing CO2 emissions by 40-70 million tonnes over 25 years. It will also support the integration of non-fossil fuel energy and intermittent renewables, ensuring a more sustainable future. With a net capacity of 2 GW, the interconnector will be able to transmit up to 17TWh per year — equivalent to 5% of Great Britain’s and 3% of France’s total annual electricity consumption.
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