Regulatory Other

Ofgem issued provisional regulatory approval for the expenditure required to deliver Eastern Green Link 2 (EGL2). The decision endorsed the expected investment case for the 525kV, 2GW subsea HVDC link (a JV between SSEN Transmission and National Grid Electricity Transmission), signalling regulatory support for the project’s costs and progressing the project through the regulatory approvals process. The announcement referenced a total expected nominal investment of around £4.3bn and helped underpin supplier contract awards and further development activity. This was a regulatory funding milestone rather than a developer FID or financial close.