Subsea interconnectors deliver £1.65bn benefit

Subsea interconnectors have delivered over £1.65bn in benefits for GB consumers since 2023, according to new figures.

National Grid said using its portfolio of projects, the largest in the world, helps consumers benefit from different time zones and variations in energy demand which reduces the number of price spikes.

However, it said the import focused trend is set to change in the 2030s.  With increasing amounts of renewable generation in Great Britain, the nation is expected to become a net electricity exporter which it said change will reduce the curtailment costs of wind power and reduces energy bills for consumers.

Ben Wilson, President of National Grid Ventures said: “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.”