Monday, December 2, 2019

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.