Iberdrola awards contracts for 2.1 billion for its submarine cable 'megaproject' in the United Kingdom

MADRID, 17 Dic.

Iberdrola awards contracts for 2.1 billion for its submarine cable 'megaproject' in the United Kingdom


Iberdrola, through its distribution subsidiary in the United Kingdom ScottishPower Energy Networks, has awarded the first contracts worth 1.8 billion pounds (about 2.1 billion euros) for its high-capacity submarine cable 'megaproject' that will link England and Scotland.

This project, called Eastern Green Link 1 (EGL1) and built by a consortium formed by ScottishPower Energy Networks and National Grid Electricity Transmission, will consist of a type of large electric highway that will connect one of the most important renewable generation centers in Europe - the Scottish North Sea territory - with England and will supply two million homes.

Specifically, the company Prysmian Group has been awarded the supply of almost 400 kilometers of electrical cable for an amount of about 750 million pounds (about 874 million euros).

For their part, GE Vernova and Mytilineos Energy

Eastern Green Link 1 (EGL1) is one of Iberdrola's star projects in its commitment to the United Kingdom with a total investment of 2.5 billion pounds (more than 2.9 billion euros). The design phase will begin in 2024 and construction in 2025.

This project is a key part of the new network infrastructure to accelerate the energy transition in the UK. According to Ofgem, this new infrastructure is necessary to improve the capacity of the interconnection network between Scotland and England and allow renewable energy produced in Scotland to reach the most energy-intensive regions of the country.

Additionally, it will play a critical role in supporting the nation's future security of supply, reducing dependence and price exposure to volatile global wholesale gas markets.

The United Kingdom is one of Iberdrola's main markets, which foresees investments in the country of 12,000 million pounds (about 14,000 million euros) from 2024 to 2028, after having allocated more than 2,000 million pounds (more than 2,300 million euros), mainly to electrical networks and renewable projects.

Along with this underwater 'megacable', the energy company will also continue to invest in the country in its East Anglia 3 offshore wind farm, as well as in land-based wind and solar projects, in the commercialization of energy and also in the development of green hydrogen.

The announced investments could be increased further with additional offshore wind opportunities. For example, the East Anglia 1 North and East Anglia 2 projects are eligible to participate in future auctions.