UK-Morocco subsea power cable project requires political support
The ambitious UK-Morocco subsea power cable project, spearheaded by Xlinks First Ltd., is seeking political backing to become a reality. The company anticipates generating up to £24 billion in investments, with around £5 billion specifically benefiting the UK.
Dave Lewis, Chairman of Xlinks and former CEO of Tesco Plc, recently shared insights in an interview with Bloomberg. He expressed optimism about reaching a final investment decision this year, achieving financial closure by 2026, and commencing construction before the end of the following year.
«This project offers a stable, reliable, and dedicated supply capable of powering 7 million homes, or 8% of current electricity needs,» Lewis stated. «It promises significant inward investment, helps lower wholesale energy prices, and reduces emissions—all without requiring government funding. My view is: why wouldn't you?»
The company is in discussions with the UK government to secure a contract to sell power at fixed prices. Xlinks seeks a power price higher than that of UK offshore wind farms but lower than the agreement secured by the Hinkley Point C nuclear power plant in 2016.
The project plans to incorporate approximately 11.5 gigawatts of solar and wind farm capacity, along with batteries to store excess power. The electricity would be transmitted via around 4,000 kilometers (2,485.5 miles) of subsea power cables, running along the coasts of Portugal, Spain, and France, before crossing the English Channel to connect with the British power grid in Devon, southwest England.
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