UK energy regulator Ofgem gave the green light to a £3.4 billion ($4.4 billion) funding package to build a proposed electricity “superhighway” under the North Sea.
The project entails laying a 500-kilometer (311-mile) cable between Scotland and northern England to power as many as 2 million homes, the watchdog said in a statement on Tuesday. It’s the first of 26 projects in Ofgem’s fast-track funding process for offshore wind power.
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