Iberdrola awards $4bn contracts for EGL4 subsea interconnector [Yahoo! Finance]
IBERDROLA SA S/ADR (IBDRY)
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Source: Yahoo! Finance
The infrastructure aims to bolster the UK's energy framework, enhance supply security and self-sufficiency, and contribute to the nation's economic development. Under the contract, Siemens Energy will build two high-voltage direct current (HVDC) converter stations. These stations will facilitate the efficient transmission of electricity at 525,000 volts across a distance of approximately 640km, with most of it being subsea. This marks the second contract for the project, following an earlier agreement this year with Prysmian. Valued at £2bn, the contract involves supplying over 640km of cable, with 530km designed for subsea installation and 116km intended for underground placement. EGL 4 will have a capacity of 2GW, linking Fife in Scotland with Norfolk in England. It is expected to deliver sufficient renewable energy for more than 1.5 million homes. The converter stations will be situated in these two locations. Construction is set to commence in 2028, with completio
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