The UK government has approved a 2 billion subsea cable project to transport clean energy from North Sea wind farms, boosting energy security and reducing consumer bills.
A 2bn subsea and underground cable which will power millions of UK homes has received final funding approval today. The 196km-long Eastern Green Link 1 EGL1 cable, which will be primarily laid under the North Sea, is expected to bolster the UK's energy security and reduce customer bills by 870m per year.
The Office of Gas and Electricity Markets,Ofgem, has helped streamline funding, saving 43m due to its new Accelerated Strategic Transmission Investment Framework ASTI. This fast-track process has given developers early access to funds, allowing them to secure necessary materials and ensure a swift project delivery.
EGL1 North Sea Cable Renewable Energy Wind Power Ofgem UK Energy Security Clean Energy Goals Carbon-Neutral Energy Bills
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