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Aug. 6, 2003 -- Britain's National Grid and Dutch network TenneT have completed a seabed survey, the next step in their project to build a cross-Channel power link between the UK and the Netherlands, the firms said on Tuesday.
A final decision on the cable, which will involve an investment of between 300 million and EUR400 million, will be made in 2005 with the link coming into service in 2007.
The cable will carry power in both directions, allowing companies to trade the differences in hour-by-hour prices between the two power markets.
A study commissioned by the networks showed the price gaps could give firms substantial trading opportunities, the grids said in a statement.
"The link would also improve competition and resilience in both the British and Dutch markets, and would contribute to the development of a single European electricity market," they said.
The cable will have a capacity of between 1000 and 1300 MW. National Grid is a joint operator with French network RTE of a cross-Channel power link with France and is developing a project to build a link with Norway across the North Sea.
National Grid expects to make a final decision on the Norwegian link in the autumn.
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