United Kingdom: Project to Bring Geothermal Power From Iceland to Great Britain Hits a Roadblock

Edi Truell’s Iceland geothermal dream runs out of power (The Times)

Entrepreneur Edi Truell’s attempts to win state support for a power cable between Iceland and Britain have been dashed again by ministers.

Business secretary Andrea Leadsom and energy minister Kwasi Kwarteng are understood to have spurned Truell’s £2.5bn plans for the cable, which he hopes will transmit clean geothermal energy from Iceland over a 1,000-mile sub-sea cable.

Truell, who made his fortune as the founder of private equity firm Duke Street, wants a government guarantee to underpin his project. Truell has repeatedly asked ministers to provide a contract for difference, which would guarantee a minimum price for the connector’s electricity for about 35 years.

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From the Global Geothermal News archives:

• Monday, June 25, 2018 - United Kingdom: Hurdles Remain for Project to Bring Geothermal Power From Iceland to Great Britain
• Monday, May 1, 2017 - Iceland: Electricity from New Geothermal Energy Resource Looks for the Best Market
• Friday, October 21, 2016 - United Kingdom, Iceland: Cable to Deliver Geothermal Energy to UK Could be Delayed by European Exit
• Wednesday, July 13, 2016 - Iceland: About 1,400 MW Additional Capacity Needed for Undersea Power Cable to Britain
• Tuesday, December 22, 2015 - United Kingdom, Iceland: Overview of Planned Submarine Cable to Deliver Geothermal Electricity