""Grid investment is key to getting Britain off the rollercoaster of fossil fuel prices," said Energy Minister Michael Shanks, emphasizing the importance of projects like EGL4 for stabilizing energy costs."
"Chancellor Rachel Reeves stated, "This is exactly why we created the National Wealth Fund, to put the full power of government behind strategic investment that secures Britain’s energy future.""
ScottishPower has obtained £600 million from the National Wealth Fund for the Eastern Green Link 4 (EGL4), a 2GW subsea electricity cable between Scotland and England. The 530-kilometre project will transmit enough electricity for 1.5 million homes, modernizing the UK's electricity grid. EGL4 aims to transport renewable energy from Scotland to England, reducing grid congestion and reliance on imported fossil fuels. Energy Minister Michael Shanks emphasized the importance of grid upgrades for stabilizing energy costs and supporting job creation. The financing reflects a partnership between government and private investment.
Read at Business Matters
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