A spokesman for AQUIND said:

“Aquind welcomes the outcomes of the first Bilateral Summit between France and the UK in five years, which has been an opportunity for the two countries to agree a new partnership in energy. 

It is very encouraging that the important role of cross-border electricity interconnections in decarbonisation, improving resilience and energy security was recognised during the Summit. 

Aquind is a mature project, launched in 2014 and representing an investment of €1.5 billion.

The project has secured expressions of interest from a wide range of renowned institutional investors in particular because of its significant positive impact on the economy and its contribution to achieving carbon neutrality.”

Important Links:

UK-FR Joint Energy Statement

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1141799/UK-FR_Joint_Energy_Statement.pdf

https://www.gov.uk/government/news/new-uk-france-partnership-to-bring-more-energy-security-and-independence

 

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Notes to Editors

➢ An Interesting Fact: Demand = Generation +Transfers.
At 10am today Live Electricity Demand (UK) was 41.8GW, UK Generation was 35.4GW, the shortfall of 6.4GW was made up by Interconnector transmission. (National Grid )

➢ AQUIND Interconnector is a bi-directional subsea electrical power transmission link between Lovedean Hampshire UK and Normandy France.

➢ AQUIND Interconnector will have the net capacity of 2 GW sufficient to transmit up to 17 TWh per year, which is equivalent to 5% of Great Britain’s and 3% of France’s total annual electricity consumption.

➢ AQUIND interconnector will help integrate a greater proportion of non-fossil fuel energy sources and intermittent renewables into the GB energy mix, helping meet the UK’s 2050 Net Zero target by reducing CO2 emissions by 22.5-25.7 million tonnes, avoiding the curtailment of 73,000-87,000 GWh of renewable energy and saving 92,000 GWh (e.q.) of fossil fuels in power generation (TYNDP 2020 and 2022).

➢ AQUIND Interconnector will have a critical role in meeting the anticipated increase in the UK’s electricity demand. The Energy White Paper issued by BEIS in December 2020 set the target of 18 GW of interconnection capacity between Great Britain and neighbouring markets by 2030. Interconnectors will help integrate the growing share of renewable power generation and satisfy the demand for electricity stemming from electrification of transport and other sectors of the economy.

➢ AQUIND Interconnector will help reduce the impact of volatile gas and coal prices, which have caused electricity bills to increase in 2022/23. By making energy markets more efficient and competitive, AQUIND Interconnector will create £5.3-£9.6 bn in social economic welfare benefits over the first 25 years of its operation.

➢ AQUIND Interconnector will create construction contract opportunities worth approximately £1.35 bn, with 1,000 (direct and indirect) full-time jobs during the 2-year construction period, and bring additional investment to the local economy.

➢ AQUIND has attracted significant funds to finance pre-construction stage of the project, which is near completion. As soon as the Secretary of State grants the Development Consent AQUIND is ready to complete the tender process and proceed to the initial phase of the construction.

➢ AQUIND is engaging with key infrastructure (equity and debt) investors. Construction costs are estimated to be £1.35 bn. Revenues will come from congestion rent, GB and FR capacity markets, and ancillary services.

Links to:
• AQUIND Interconnector https://aquind.co.uk
• JUDGMENT OF THE COURT
• Ofgem
• British Energy Security Strategy
• Energy white paper: Powering our net zero future – GOV.UK (www.gov.uk)
• TYNDP 2022 published by ENTSOe identified an urgent economic need for 4.8 GW of additional interconnection capacity over the current 4 GW between France and Great Britain by 2030, with AQUIND bringing EUR 245 m of social economic benefits to EU, GB and other neighbouring countries annually (NT 2030 scenario) www.tyndp.entsoe.eu