A major interconnector project linking Germany and the U.K has had key contracts totalling £1.5 billion have been awarded this week. As countries continue in attempts to shore up their energy supplies amid the ongoing crisis in Ukraine.

Dubbed as the ‘NeuConnect’ project, the interconnector is centred around subsea cables that will enable 1.4 gigawatts of electricity to pass between the U.K and Germany. The two leading European economies will be able to transmit electricity in both directions over the 450-mile-long cables.

The privately financed venture has been described by those behind the project as an ‘invisible energy highway’ and as ‘the first direct link between the UK and German energy markets’.

The contracts awarded recently pertain to cabling works and converter stations, with Siemens Energy being awarded the contract for the latter. This will involve the design and construction of sites in both the U.K and Germany. The planned interconnector will allow Great Britain to tap into the vast energy infrastructure available in Germany, which includes massive amounts of renewable energy sources.

But this arrangement does not just benefit brits, as Germany will benefit from the new link too. It is thought that it will help to ease current bottlenecks where wind turbines are frequently powered down due to an excess of renewable energy being created.

Financial close on the NeuConnect project is pencilled in for the coming weeks, which would then allow works to begin at some point in 2022. Although the project has been in the works for quite some time now, its progression has accelerated due to Russia’s invasion of Ukraine – which highlighted how reliant some European economies are on Russian fossil fuels.

Although Russian aggression in Ukraine has certainly created incredible geopolitical tension and divisions, it has also resulted in several initiatives demonstrating global co-operation and shared aims. An example of this would be the recent announcement from the U.S and European Commission to create a joint task force for energy security. The parties stated that they would strive to ensure at least 15 billion cubic metres of extra liquified natural gas volumes (LNG) for the EU in 2022, further expected to increase in the future.

Customer Billing – Will I Be Affected?      

As already mentioned, energy costs are spiralling out of control – and the price rises are affecting all of us. For UK energy customers it is difficult to say how your bills will be affected due to the serious volatility in the energy markets. It is important to remember that energy prices are rising, and this will be passed onto consumers through energy bills, making it something to keep a close eye on.       

Different suppliers will feel the pinch in different ways, so it is crucial to be aware of the current situation your energy supplier finds themselves in. It is possible to view up to date supplier profiles with any recent changes for all the energy suppliers in the UK, here.      

At a time where bills look set to rise due to market volatility, it is also a good idea to ensure that you are not being overcharged for any of your utilities. It can be a tricky task to navigate but there are free online tools to remove the hassle available.    

You can find a free online Gas Bill Calculator to see if you are being overcharged, here.      

You can find a free online Electricity Bill Calculator to see if you are being overcharged, here.      

Energy Solutions by Us, for You       

At a time of great uncertainty in global energy markets, it is easy to feel lost in it all.       

Keeping up to date with developing situations and the associated ramifications is a tricky and time-consuming job. It is also one that is not likely a priority for you and your business.     

So, what do you do?      

You partner with energy procurement experts to take the load off of your desk.      

Energy Solutions have been trusted brokers for countless businesses for over twenty years, which means we know how to navigate the energy markets during a time of uncertainty.      

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