NorthConnect has today (25th March 2020) received a letter from the Ministry of Petroleum and Energy in Norway. In the letter, the Ministry informs the project that they do not have sufficient grounds to process NorthConnect's license applications at this point in time.
NorthConnect takes note of the decision.
NorthConnect is a socially economically profitable project that, according to the Norwegian Water Resources and Energy Directorate (NVE), will create value for Norwegian society of more than NOK 8 billion. At the same time, NorthConnect will contribute to major reductions in greenhouse gas emissions. “Together with our owners, we will now consider what the Ministry's message means for the project”, says Communications Manager in Norway, Lars Nermoen.
NorthConnect is a proposed power cable connecting Norway and Scotland. The project will create great economic value and jobs in both Norway and the UK. In Norway, NVE estimates the socio-economic gain to be more than NOK 8 billion and the initial assessment of the project in the UK by Ofgem estimates a value of over £2bn GBP. According to NorthConnect's own analysis, the project will create value of NOK 13.4 billion for Norwegian society.
NorthConnect is owned by four public power companies; Lyse, Hafslund E-Co, Agder Energi and Swedish Vattenfall.
There is widespread agreement among climate scientists that power exchange between countries is crucial for the world to make the transition from a fossil to a renewable energy market. NorthConnect has a large positive climate effect, and will contribute to reducing at least two million tonnes of CO2 annually. This corresponds to as much greenhouse gas emissions as one million passenger cars emit every single year.