Xlinks is in discussion with the UK Government about Contract for Difference (CfD) support for the planned interconnector between Morocco and the UK.
According to Xlinks, the power project will be capable of supplying 8% of Great Britain’s electricity needs at £48/MWh for 25 years under the current CfD mechanism, meaning it will generate significant savings for consumers.
“We are not looking for Government funding to assist with the cost of the project which presents an enormous opportunity, consistent with UK net zero commitments and with minimal risk. We are working with UK government to agree a CfD that would help bring down bills significantly,” said Xlinks CEO Simon Morrish .
The Morocco-UK power project will be entirely powered by solar and wind energy combined with a battery storage facility.
The project will generate 10.5 GW of zero-carbon electricity from the sun and wind to deliver 3.6 GW of reliable energy for an average of 20+ hours a day. This is enough to provide low-cost, clean power to over seven million British homes by 2030.
Compared to other sources of firm and flexible energy generation, Xlinks is very attractive at £48/MWh, with Hinckley Point C Nuclear Power Station having an agreed strike price of £92.50/MWh for example and wholesale electricity currently trading at £168/MWh, the company stated.
“A quick, green transition is possible for the UK,” Xlinks chairman Sir Dave Lewis added. “By using a range of solutions including the Morocco – UK Power Project, we will get to Net Zero faster and see a better result for the British public.”
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