GE Vernova-Led Consortium Clinches £1B Contract For UK East Coast Subsea Link

General Electric Company's GE energy arm, GE Vernova's Grid Solutions business, along with MYTILINEOS Energy & Metals, has bagged a £1 billion contract for U.K.'s first high-capacity east coast subsea link.

The award was instituted by National Grid Electricity Transmission and SP Transmission, part of SP Energy Networks (SPEN). 

GE Vernova–MYTILINEOS consortium was selected to supply and construct two High-Voltage Direct Current (HVDC) converter stations for Eastern Green Link 1 (EGL1).

EGL1 will oversee the construction of a 525kV, 2GW bipole Voltage-Sourced Converter (VSC) and HVDC subsea transmission cable from Torness in East Lothian, Scotland, to Hawthorn Pit in County Durham, England. This will enable the transmission of renewable green energy to power more than two million homes across the U.K.

The HVDC cable system is expected to be approximately 190 km in length. The design phase will begin in January 2024. Construction will begin in 2025.

"This critical project to the UK's decarbonization and energy security efforts adds to a growing backlog of projects that are utilizing GE Vernova's advanced HVDC technology," said President and CEO of GE Vernova's Grid Solutions, Philippe Piron.

Price Action: GE shares are trading higher by 1.11% at $121.62 on the last check Tuesday.