Second power link with UK-France a go, despite Brexit
Petroleumworld.com 01 26 2017
French energy markets regulator CRE has approved a planned second power link between France and the United Kingdom after consulting stakeholders, saying the project was still viable and needed despite Britain's decision to leave the EU.
CRE withheld approval for the project in December and launched a public consultation to assess the impact of Brexit on the 1,000 megawatt (MW) power cable project that is estimated to cost 750 million euros ($800 million).
"The various promoters believe that the economic fundamentals of the projects remain the same whether the UK is in the European Union or not, and the consequences of Brexit on the project remain very limited," the regulator said in a decision published on its website on Wednesday.
It said the project will bring a net benefit to the European Union even if Britain withdraws from some of the advantages.
CRE said the final investment decision for the project would be left to French grid operator RTE, which will decide before end-2018.
RTE is developing the power link called Interconnexion France-Angleterre (IF2) with Britain's National Grid.
The link is expected to be completed by 2020, and will become the second between Britain and France aimed at increasing power transmission capacity between the two after the 2,000 MW IFA high voltage link that was commissioned in 1986.
($1 = 0.9311 euros) (Reporting by Bate Felix; Editing by Ruth Pitchford)
Compiled by Bill Trott and Jonathan Oatis; Editing by Frances Kerry and Peter Cooney from Reuters
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