NeuConnect boosted by German Federal Government legislative approval
The NeuConnect project moved an important step forwards today (Wednesday 23 September) as the German Federal Government passed the bill under which the interconnector project will operate.
NeuConnect was one of 35 new network expansion projects included in plans by Germany’s Federal Ministry of Economic Affairs and Energy (BMWi) that were today approved by the German Federal Cabinet.
NeuConnect is a privately-financed £1.4bn / €1.6bn interconnector that will create the first direct link between UK and German electricity networks. By connecting two of Europe’s largest energy markets for the first time and integrating renewable energy sources in Germany and the UK, NeuConnect will help deliver a more diverse, resilient and sustainable electricity supply, while also helping to lower costs for consumers and b.
NeuConnect CEO Christophe Vanhove said: “Despite the challenging times, the NeuConnect project continues to make good progress. The decision of the German Federal Government is an important part of a future-oriented energy policy in Germany and a clear commitment to UK-German cooperation in the energy sector. By creating the first direct electricity link between Germany and the UK, NeuConnect will help deliver lower electricity prices for businesses and consumers.”
NeuConnect is being developed by an international, experienced consortium that includes Meridiam, Allianz Capital Partners on behalf of Allianz Group and Kansai Electric Power, with the project also supported by Greenage Power and Frontier Power as developers. The key partners bring a proven track record in delivering large-scale energy infrastructure.