Link Securities | Iberdrola (IBE) has secured £600 million (around €700 million) in funding from the National Wealth Fund to develop the Eastern Green Link 4 project, an undersea electricity interconnector between Scotland and England, according to Bolsamanía.
This infrastructure, which will be the company’s third project of its kind in the UK, will help strengthen the country’s energy security and advance its electrification goals, against a backdrop of growing energy demand and the transition to more sustainable sources. The EGL4 project will use HVDC technology to transmit direct current electricity over a distance of 530 kilometres between Fife (Scotland) and Norfolk (England), with a capacity of 2,000 MW, enough to supply around 1.5 million households.
This interconnector will reduce current constraints on electricity transmission from generation areas in Scotland to consumption centres in England, whilst also helping to lower the congestion costs borne by consumers. The company emphasises that this type of infrastructure is essential for strengthening the UK’s energy self-sufficiency by reducing reliance on imported fossil fuels, particularly in a context of high volatility in international markets.
