Expedite the new submarine power cable to the Westman Islands
The decision has been made to expedite construction and the application for a permit has been sent to the Icelandic Energy Authority on a new Vestmannaeyjar submarine power cable 4.
This is announced on the Landsnet website, but last week, Vestmannaeyjar submarine power cable 3 failed. This is the second time it has failed in the ten years it has been in use. Preparations for repairing it are now in progress.
The new sea cable is scheduled to be laid in the summer of 2025 instead of 2027, and it will be 66 kV and comparable to the Westman Islands cable 3.
No backup connections cost 100 million annually
The announcement states that an analysis has been made of the social costs of having only one cable to the Westman Islands, as one can either prioritize or reduce energy demand in the Islands.
“The analysis carried out by the engineering firm Efla at the end of 2022 showed that according to risk assessments, the expected social cost of not having a backup connection, that can cover the total energy demand in the Westman Islands, is estimated to cost close to 100 million million annually.”
The expedition of Vestmannaeyjareyjar 4 submarine power cable also plays a good role in achieving synergies in the development of Landsnet but the construction of a new submarine cable across Arnarfjörður is also on the execution schedule.
“By placing both of these cables at the same time, the cost of a cable carrier is reduced savings may be in the ballpark of hundreds of millions of dollars.”