GE Vernova–MYTILINEOS Consortium Bags £1B Contract To Construct The UK's First High-Capacity East Coast Subsea Link
Portfolio Pulse from Benzinga Newsdesk
The consortium of GE Vernova and MYTILINEOS has been awarded a £1 billion contract to build the UK's first high-capacity subsea link, Eastern Green Link 1 (EGL1), which involves constructing two High-Voltage Direct Current (HVDC) converter stations. The project is a joint venture between National Grid Electricity Transmission and SP Transmission.
December 12, 2023 | 11:06 am
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GE, through its Vernova unit, is part of a consortium that has secured a £1 billion contract to construct HVDC converter stations for the UK's Eastern Green Link 1 project.
The contract is significant for GE, indicating a substantial revenue opportunity and a strengthened position in the energy infrastructure market. The news is likely to be viewed positively by investors, as it reflects the company's competitive strength in securing large-scale projects. This could lead to a short-term positive impact on GE's stock price.
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