Post Construction Review of the Viking Link interconnector to Denmark

Viking Link is an interconnector project regulated under our cap and floor regime. Viking Link commenced commercial operations on 29 December 2023.

We granted National Grid Viking Link (NGVL) a cap and floor regime with respect to the Viking Link interconnector project in July 2015 and set the preliminary cap and floor levels in September 2020 after our assessment of the Final Project Assessment (FPA). The Viking Link project has reached the final assessment stage of the regime, the Post Construction Review (PCR), where we determine the value of the Post Construction Adjustment (PCA) terms and set the final cap and floor levels for the project.

At this stage, we revisit aspects of our cost assessment that were not fixed at previous stages, and assess the efficiency of responses to events that have materialised during construction. We then determine the value of the PCA terms, which adjust the preliminary cap and floor levels to take into account our final view of the project's costs.

About this consultation

This consultation sets out our minded-to position on NGVL's PCR, in particular our views on the proposed values for the PCA terms submitted by NGVL and proposed final cap and floor levels for the project.

Alongside our consultation on the NGVL PCR, we are also consulting on related changes to the special conditions of NGVL's interconnector licence. We are also seeking views on updated Cap and Floor Financial Models 1 and 2 and associated handbooks for NGVL.

This consultation will close on 18 December 2024. Subject to stakeholder responses, we aim to make our final decision on NGVL's PCR and on the other elements outlined above in March 2024.

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