The NeuConnect project, which costs £ 2.4 billion, has begun construction as a new HVDC submarine power cable connecting the UK and Germany. NeuConnect is developed by NeuConnect UK and its investors include Meridiam, Allianz Capital Partners, Kansai Electric Power Company and Tokyo Electric Power Company.

NeuConnect achieved financial settlement with a consortium of over 20 domestic and international banks and financial institutions in July 2022. Since the financial settlement, the project has conducted several on-site investigations and archaeological activities, enabling the contractor to start construction projects in the UK.

Julia Prescot, Chairman of NeuConnect, stated that at a time when sustainable and resilient energy connections in Europe have never been so important, the construction of NeuConnect is a huge milestone and an important step towards achieving net zero emissions. As the work of the entire project accelerates, the first connection between Europe's two largest energy markets is getting closer. We are grateful to our government, industry, and financial partners for their continued support in delivering this important project.

The interconnection project includes the construction of new converter stations in Grain Island in Kent, England, and Wilhelmshaven in Lower Saxony, northern Germany. The two converter stations are connected by Submarine communications cable crossing the waters of Britain, the Netherlands and Germany. The main contractors, Pryssmann Group and Siemens Energy, have started working in the UK and are preparing for construction in Germany, which will begin in early 2024. The project is expected to be put into operation in 2028.

It allows up to 1.4GW of electricity flow, sufficient to power up to 1.5 million households throughout the project lifecycle and generate over £ 1.7 billion in consumer benefits. The project is expected to integrate renewable energy from the UK and Germany, making a significant contribution to reducing carbon dioxide and supporting the net zero target. In addition to being the largest infrastructure project in Britain and Germany, NeuConnect is also an important symbolic link between the British and Economy of Germany economies.

The UK Minister of Energy Security and Net Zero Emissions, Grant Sharps, stated that NeuConnect will become the first power line between the UK and Germany, and it is also at the core of my mission to strengthen national energy security. It also strengthens our important relationship with our North Sea allies. Starting from 2028, the UK has the potential to provide reliable and affordable clean energy to 1.5 million households. I am pleased to see construction begin today, and this exciting infrastructure will protect the UK's energy security for future generations.Editor/XingWentao