A network connecting the electricity system in the U.K. with that of mainland Europe could reduce the costs of interconnecting offshore wind farms by 25%, according to a report from Bloomberg, which cites a panel of U.K. lawmakers.
In addition, the hypothetical ‘supergrid’ could create up to 775,000 jobs across Europe by 2020, the U.K. parliament's Energy and Climate Change Committee told Bloomberg.
Despite this cost reduction and influx of new jobs, however, the development and construction of such a grid could cost 200 billion euros (approximately $275 billion), Eddie O'Connor, CEO of Mainstream Renewable Power Ltd., told the U.K. panel during a hearing.
Companies including GE, Siemens and National Grid have expressed support for the supergrid concept, according to the report.
