The owners of ElecLink, the Channel Tunnel interconnector project between Britain and France, have announced the launch of the non-binding Expression of Interest phase for the allocation of long term contracts for up to 80% (800 MW) of the 1000 MW interconnector's capacity, three years ahead of the link's opening..
The move follows approvals by the competent national regulatory authorities, the Commission de régulation de l'énergie of France (CRE) and the Office of Gas and Electricity Markets of Great Britain (Ofgem), and by the European Commission to forward sell part of the interconnector capacity on a long term basis.
The ElecLink Interconnector is expected to be fully operational in Q4 2017, thereby fast-tracking new interconnection capacity and enhancing security of electricity supply during a period when reserve margins in both Great Britain and France are forecast to be in decline.
Commenting on the announcement, Simon Ludlam, vice chairman of ElecLink, stated: "As the level of reserve margins continues to decline, ElecLink provides a resilient, stable and effective solution through which extra capacity can be supplied to Great Britain and France. ElecLink is the most advanced new interconnection project, and the opportunity for market participants to purchase long term transmission capacity heralds an important step in diversifying Great Britain's and France's energy supply and the development of a single European market for electricity."
The Multi-year Products will be allocated to interested buyers through an open, transparent and non-discriminatory auction process which is expected to take place in Q2 2015. Interested parties are invited to register their interest, on a non-binding and indicative basis, in contracting interconnector capacity by 1 December 2014. ElecLink is considering offering various contract durations up to a maximum of 20 years after commissioning of the Interconnector.
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