Consumers in Great Britain have benefited more than £1.65 billion (around $2.211 billion) from subsea electricity interconnectors since 2023, the UK National Grid reported.
The analysis of the benefit of National Grid’s subsea electricity interconnector portfolio, said to be the largest in the world, shows a comparison to traditional gas generation.
The strong performance of the GB interconnectors has seen over £300 million in payments to GB consumers since 2023, under the Cap and Floor regulatory regime.
Interconnectors are supporting the delivery of the government’s Clean Power target, with more than two-thirds of imports being zero-carbon since 2023. This will further increase as more renewables across Great Britain and Europe are developed.
According to the National Grid, by benefitting from different time zones, variations in energy demand, and importing surplus energy from the continent at a lower cost, interconnectors are reducing the number of price spikes that Great Britain faces. However, this import-focused trend is expected to change in the 2030s. With increasing amounts of renewable generation in Great Britain, the nation is expected to become a net electricity exporter, thereby reducing the curtailment costs of wind power and energy bills for consumers.
“Diversity of supply enhances energy security and by linking Great Britain to five other markets, National Grid provides access to a broader mix of energy sources. With different energy systems that have different patterns of customer demand, we’re able to complement one another and share lower cost abundant power,” said Ben Wilson , President of National Grid Ventures.
“Interconnectors have lowered electricity prices for Great Britain consumers by enabling this cooperation, ensuring that energy isn’t wasted. With more renewable energy production and interconnector projects coming online, this mutual benefit is set to continue and increase over the next 10 years as we are forecast to become an electricity exporter.”