National Grid Joint Venture Awards EUR1.1 Billion in Contracts

Date : 07/23/2019 @ 1:06PM
Source : Dow Jones News
Stock : Prysmian (PRY)
Quote : 19.81  0.055 (0.28%) @ 8:01AM
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National Grid Joint Venture Awards EUR1.1 Billion in Contracts

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By Oliver Griffin


A joint venture between National Grid PLC (NG.LN) and Energinet, Denmark's state-owned system operator, has dished out three contracts worth 1.1 billion euros ($1.2 billion) as it builds a 472-mile power cable between Britain and its Nordic neighbor.

National Grid said Tuesday that the 1.4 gigawatt high-voltage direct-current interconnector will be the first such connection between the U.K. and Denmark. The cable will be the longest electricity interconnector in the world when completed and will stretch from the Lincolnshire coast to western Denmark.

The 50-50 joint venture, called Viking Link, will help decarbonize the U.K.'s power supply and will be National Grid's sixth interconnector to Europe. Others include operational links with France, the Netherlands and Belgium. Two further projects are under construction, including a second link with France and one with Norway.

Three contracts have been awarded for the construction of the cable, to subsidiaries of Prysmian SpA (PRY.MI) and NKT AS (NKT.KO), and also to Siemens AG (SIE.XE).

A spokesperson for National Grid confirmed that Prysmian Powerlink SRL and NKT HV Cables AB will be paid EUR695 million and EUR85 million respectively, while Siemens will be paid EUR340 million.

Prysmian will deliver four of the five cable lots, while NKT will deliver the onshore cable lot in Denmark. Siemens will supply and install equipment for two converter station sites, one in Lincolnshire and one in Revsing, Denmark.

Construction is expected to be completed by the end of 2023, National Grid said.


Write to Oliver Griffin at; @OliGGriffin


(END) Dow Jones Newswires

July 23, 2019 08:51 ET (12:51 GMT)

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