Getlink: Technical Interruption to ElecLink Operations – Update Following Investigations
PARIS, October 06, 2024--(BUSINESS WIRE)--Regulatory News:
Getlink SE (Paris:GET):
As indicated in our communication on 26 September, a fault was detected on the ElecLink electrical interconnector between the UK and France, leading to a suspension of activity.
The investigations into the incident have enabled the identification of the fault, linked to the deterioration of the structure which supports the cable, outside the Tunnel in France. The detailed plan for necessary repair works is currently being developed.
The current estimated duration of the works is 6 weeks, bringing the date for re-entry into service to 16 November. This date will be confirmed as soon as the repair plan has been finalised.
The suspension of activity up to 16 November will have a commercial impact estimated at approximately €46 million euros1.
About Getlink
Getlink SE (Euronext Paris: GET), through its subsidiary Eurotunnel, is the concession holder until 2086 for the Channel Tunnel infrastructure and operates Truck Shuttles and Passenger Shuttles (cars and coaches) between Folkestone (UK) and Calais (France). Since 31 December 2020 Eurotunnel has been developing the smart border to ensure that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since it opened in 1994, close to 500 million people and more than 102 million vehicles have travelled through the Channel Tunnel. This unique land link, which carries a quarter of trade between the Continent and the United Kingdom, has become a vital link, reinforced by the ElecLink electricity interconnector installed in the Tunnel, which helps to balance energy needs between France and the United Kingdom. Getlink completes its sustainable mobility services with its rail freight subsidiary Europorte. Committed to "low-carbon" services that control their impact on the environment (through its activities, the Group avoids the equivalent of 1.9 million tonnes of CO2 per year), Getlink has made the place of people, nature and territories a central concern.
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1 Estimated commercial impact, composed of the contracted revenues for the period going from 25 September to 15 November 2024, that will not be delivered representing 36 million euros, the short-term capacity auctions revenues that could have, based on current market spreads, generated 2 million euros and the costs and penalty risks (in particular related to capacity markets rules) related to the suspension of the activity for 8 million euros. These elements do not take into account the profit-sharing mechanism provision. |
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