Norway's Statnett is ready to begin preparations for the installation of new power cables between Norway and Germany as well as across the North Sea to the UK.
Statnett, the German system operator TenneT and the German national bank KfW are working together on the German project, which they believe can be realised in 2018.
Statnett has also entered into a partnership agreement with the British company National Grid that confirms plans to build a power cable between Norway and the UK. Scheduled for completion in 2020, the cable will be the longest subsea power cable in the world.
- I am very pleased with the opportunities it provides for enabling cross-border electricity trading between Germany and Norway. The companies have found a good solution for both countries. This cable is an important step forward in the good energy cooperation between our two countries, says Ola Borten Moe, Norwegian Minister of Petroleum and Energy.
- Together, the two cables will strengthen the North European electricity grid and the supply security in Norway. The cables will be used for profitable trading of power in that electricity will flow to Norway when prices in Germany and the UK are lower than here. In the same way, we will export when prices are high abroad. We will therefore import when consumption is low in other countries, such as at night, and export during the day. Similarly, we will import when windmills abroad produce at full capacity. When we experience dry years with high prices in Norway, we will import - and vice versa in wet years. Power trading will also help facilitate increased development of renewable energy production in both Norway and Europe, Borten Moe says.