National Grid plc NGG announced that it has started construction on Viking Link, a high-voltage electricity interconnector between Britain and Denmark. Viking Link is a joint venture between National Grid Ventures, part of National Grid, and the Danish electricity system owner and operator, Energinet.
This 1.4-gigawatt high-voltage electricity interconnector will aid U.K. to provide clean power to nearly one and half million homes, as well as substantially lower carbon footprint. This subsea electricity cable is expected to be functional from 2023.
This electricity interconnector will be the longest in the world, and stretch 475 miles between Lincolnshire in eastern England and South Jutland in Denmark. This project will involve an expenditure of $2.06 billion (£1.82 billion).
National Grid Interconnectors Bring Clean Energy
The National Grid interconnectors in operation and those that are scheduled to become operational in the next few years will play a very crucial role in U.K’s gradual transition toward clean energy sources.
National Grid has three interconnectors to Netherlands, France and Belgium that are currently in operation, as well as three under construction (in France, Norway and Denmark). There are another three interconnector projects that are in the early stages of development. By 2030, these interconnectors will ensure that 90% of electricity imported in U.K. will be from clean sources.
Other Utilities Lowering Carbon Emissions
National Grid, with the strategic interconnector development, is importing clean energy in U.K. and meeting the needs of millions of homes.
A few utilities in the United States like Xcel Energy XEL, Duke Energy Corporation DUK and DTE Energy DTE have already started working on becoming net-zero emission companies over the next few decades. Despite expected increases in electricity load over the next few decades, these utilities, among others, have taken the decision of offering clean electricity to consumers.
Zacks Rank & Price Performance
National Grid currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It has outperformed the industry in the past 12 months.
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Xcel Energy Inc. (XEL) : Free Stock Analysis Report
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National Grid Transco, PLC (NGG) : Free Stock Analysis Report
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