Power generated by Icelandic volcanoes could help save Britain from Spain-style blackouts under new plans from a UK private equity tycoon.
City financier Edi Truell, a self-proclaimed "disruptive capitalist", is nearing his decade-long ambition to build a £3.5billion subsea cable to transport geothermal power from Iceland to the UK.
The Atlantic Superconnection project involves a 400-mile high-voltage cable that would funnel renewable energy directly to British homes.
Truell believes such interconnectors - cables enabling electricity exchange between neighbouring countries - are "vital" in preventing the type of widespread power outages which crippled Spain and Portugal just days ago.
"They needed gigawatts from France, but the French didn't have them," he said.
Edi Truell said interconnectors are 'vital' in preventing the type of widespread power outages seen in Spain and Portugal
GB NEWS
If his Icelandic project had been operational, Truell claims it could have supported an existing interconnector between Britain and Norway to provide another 4,000 megawatts.
This additional capacity would have "freed up French power to free up Spain's," potentially preventing the widespread outages which forced the continent's biggest power cut in living memory.
Truell, a former Boris Johnson adviser, expects construction on the Atlantic Superconnection to begin before the end of 2025.
The link will deliver enough geothermal and hydroelectric electricity to power approximately 2 million UK homes.
"It's what the National Grid calls 'flexible base load' - it's always there," Truell told The Telegraph.
MORE RADICAL ENERGY PLANS:
Truell is nearing his decade-long ambition to build a £3.5billion subsea cable to transport Icelandic volcano power to the UK
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If his Icelandic project had been operational, Truell claims it could have averted Spain and Portugal's mass blackouts
GETTY"Depending on the time of day, you get between nine and 15 per cent of Britain's electricity pretty much guaranteed always on."
The cable will also allow excess UK wind energy to be sent to Iceland for storage.
"Instead of turning the wind turbines off when it's blowing too much, you can whizz the surplus electricity up to Iceland and store it. It makes much more sense."
Truell has labelled Labour's energy policy "very muddled" - despite being more supportive than its Tory predecessors in Government.
Truell has labelled Ed Miliband's energy policy 'very muddled'
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He questioned the party's £22billion investment in carbon capture projects - and said it would be better spent on interconnectors.
"You could have six or seven interconnectors to Iceland for that, and it would save a hell of a lot more carbon than sticking it underground," he said.
Despite his planning to finance his venture privately, Truell still faces a slew of regulatory hurdles.
His project requires a Development Consent Order from the Housing Secretary as well as environmental assessments which could delay progress by up to 17 months.
