Siemens Energy Bags $4B EGL4 Contract [Yahoo! Finance]
National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG)
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Source: Yahoo! Finance
EGL4, along with EGL3, is a high-voltage electricity link between Scotland and England that would integrate more offshore wind energy into the grid. EGL3 and EGL4 are proposed to start from Peterhead, Aberdeenshire and Westfield, Fife respectively and converge in Walpole, Norfolk, where a substation would connect the cables to the power network. "The Siemens Energy contract includes two converter stations, one in Fife in Scotland and one in Norfolk in England", National Grid and Scottish Power Ltd, the UK arm of Spanish power and gas utility Iberdrola, said in a press release Monday. "The converter stations change alternating current into direct current, the most efficient way for high-voltage electricity to travel across long distances. Once converted, the electricity will travel around 640km [397.68 miles], primarily undersea, before being converted back to join the onshore transmission network. "By increasing capacity and reducing congestion on the grid, the 2-GW EGL4 subsea l
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