Energy regulator Ofgem has confirmed its decision to cut the proposed cost of the Hinkley-Seabank project by £60m, saving consumers money on their bills. The link, which is due to be completed in 2024, will connect the new Hinkley Point C nuclear power station to the grid. In October Ofgem set out the areas it deemed National Grid Electricity Transmission (NGET) costs to be too high. NGET wanted to spend £716m on the new link, but Ofgem’s decision today cuts that to £656m. Ofgem has determined this to be the efficient cost for delivering the project following consultation and analysis. The cost will be spread over the next 45 years. Ofgem’s minded-to position in October proposed to cut costs to the project by £80m. However, following consultation and analysis of new evidence, Ofgem is satisfied that some of these costs are appropriate and provide value for money.
Market Screener 22nd May 2020 read more »
Ofgem has reduced the allowed budget for the connection of the Hinkley Point C nuclear plant to the transmission network by £60 million. The Hinkley Seabank project will involve the installation of 49 kilometres of overhead power lines – mostly using the new “T-pylon” design rather than traditional lattice towers – as well as 8.5 kilometres of underground cabling through the Mendip Hills.
Utility Week 22nd May 2020 read more »
Energy Live News 22nd May 2020 read more »