ASC ENERGY LIMITED

ASC Energy plc (formerly ASC Energy Limited) is a public limited company incorporated in England and Wales whose principal business activity is the development of the Atlantic SuperConnection interconnector between Iceland and the United Kingdom. The planned project is a 1,708 kilometre bi-pole high-voltage direct current (HVDC) link with an intended capacity of 1,794 MW, designed to transmit geothermal and hydroelectric power from Iceland to the UK and to export surplus UK offshore wind power back to Iceland for storage in existing hydro facilities as pumped-storage “clean batteries”. ASC’s revenue model is based on sharing revenues from the power it transmits, via a mix of long-term power purchase agreements, spot market sales, and potential participation in the UK capacity market and ancillary services. Key milestones include completion of a seabed survey to determine the optimal cable route, appointment of RTE International (the international arm of the French grid operator Réseau Transport d’Electricité) as Owner’s Engineer to complete development-stage engineering, and a Cable Framework Order with LS Cable & System for HVDC subsea cable procurement. ASC has a UK grid connection agreement with the National Electricity System Operator at Birkhill Wood (formerly Creyke Beck) near Hull, uprated to 1,800 MW, within a broader “energy hub” that will integrate major offshore wind and interconnector projects. Independent research cited by the company estimates that the interconnector could reduce UK and European CO2 emissions by about 4 million tonnes in its first year of operation, support substantial investment in the Icelandic grid, and create several hundred permanent jobs and significant annual economic value in Iceland. ASC expects to reach Final Investment Decision subject to further development funding and necessary approvals, and to require additional debt and equity finance for construction.