A subsea cable project linking the UK with Iceland needs financial support from the British government, reports The Guardian.
Iceland has the cheapest electricity prices in Europe because of the abundance of geothermal energy, wind and hydropower, and it is seeking a way to exploit these resources.
Olafur Grimsson, Iceland’s president, is expected to call on the British government to support this longest in the world subsea cable project.
The memorandum of understanding for the project which could deliver five terawatt-hours a year to Britain was signed last May between the governments.
The subsea cable, which would be 1000 km long and installed at a water depth if 1000 meters, could meet 1.5% of UK’s electricity demand.
As The Guardian wrote, the cable would not be commissioned until 2022.
Subsea World News Staff, October 29, 2013