France and Spain are poised to announce a breakthrough this week in a long-running impasse over hefty costs of what would be their first undersea electricity link
The project was designed to double existing transmission capacity between the countries and would allow Spain to feed its bountiful renewable energy into a wider European grid, which makes it growingly important after Russia's invasion of Ukraine unleashed an energy crisis in Europe last year.
The French regulator had no immediate comment. Spain's CNMC said only the negotiations were still ongoing. Two sources with knowledge of the negotiations said the likely cost-sharing deal was part of a political discussion of contentious issues, including France's campaign for nuclear hydrogen to be considered a renewable source,One of them said that when the project was first conceived, France had an electricity surplus and was exporting to Spain, so Spain had agreed to pay part of the costs on the French side, but now the tables have turned.
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