The UK’s energy regulator, Ofgem, has given approval to fast-track the proposed Anglo-Scottish electricity “superhighway” through the project’s final funding hurdle.  

The regulator introduced the Accelerated Strategic Transmission Investment (ASTI) framework to fast-track 26 major connection projects, aiming to help increase grid capacity and deliver estimated grid savings of £1.5bn ($1.92bn). 

The EGL2 superhighway is the first of the 26 to receive this funding.  

The project will deliver a 2GW high-voltage electricity cable link between Peterhead in Aberdeenshire and Drax in North Yorkshire, increasing connectivity for British offshore wind. A total of 436km of the cable will be under the North Sea and 70km buried underground onshore.  

Two converter stations at each end of the cable will assist in the transmission of electricity into the grid, then onto its customers.  

In a press release, the regulator said that the project will reduce the need to turn off wind production at times of high wind due to a lack of grid capacity and could power up to two million homes in the UK once completed.  

Ofgem approved the £3.4bn funding package for the EGL2 project in March, but the ASTI framework has accelerated the funding process by two years, delivering electricity generated by offshore wind to British consumers sooner.  

Jonathan Brearley, CEO of Ofgem, said: “Today's announcement is a further step in putting the regulatory systems and processes in place to speed up network regulation to achieve its aim.  

“Accelerated Strategic Transmission Investment (ASTI) accelerates approval times for projects such as Eastern Green Link 2 (EGL2) by up to two years. However, streamlining the process does not mean blank cheques for developers as we are able to step in and make financial adjustments to maximise efficiency and consumer benefit.” 

Development on the EGL2 project is expected to begin in late 2024 and be completed in 2029.