10 companies team up to launch the European super-grid

A group of 10 European companies will today launch an ambitious plan for the creation of an electricity supergrid in the North Sea, that will connect Germany, Norway and the UK at an estimated cost of EUR34bn (US$46.42bn).

According to the Friends of the Super-grid group, which is launching the plan in London, the project will enable large-scale offshore wind farm projects in the North Sea and reduce electricity prices, by allowing European countries to import larger quantities of electricity from abroad to meet peak demand.

Members of the group include Siemens, Germany’s Hochtief, Areva, Prysmian of Italy and Ireland’s Mainstream Renewable Power.

The group is expecting to soon appoint a CEO and set up an office in Brussels. Once these steps are complete, it will then work on addressing the numerous technical, financial regulatory hurdles that will have to be overcome, before the project can begin (Financial Times).