Britain‘s consumers are set to receive £34 million following the first End of Period Assessment (EPA) for Nemo Link, the interconnector between Great Britain and Belgium.
The assessment, conducted by Ofgem, covered the period from 31st January 2019 to 31st December 2023.
The project, a joint venture between National Grid Interconnector Holdings Limited and the Belgian Elia group, achieved a cumulative five-year revenue of £185 million above the cap.
Of the excess revenue, £116.9 million was returned to consumers in 2022.
As a result, the interconnector’s position at the end of the assessment period shows an additional £68 million above the cap.
This amount will be split equally between GB and Belgian consumers, with £34 million allocated to GB.
These funds will be integrated into the GB tariff setting system and subsequently passed on to consumers through charge reductions.
The 1GW subsea interconnector has the capacity to power up to 1.7 million UK homes a year.
The interconnector has facilitated the transport of approximately 29TWh of power.
Its availability rate averaged 97.78% over the first five years, including both planned and unplanned outages.
