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High-voltage links that join two power grids so electricity can flow to wherever it is most valuable — and the ways an owner turns that flow into an investment. Pick a real asset below and follow it through the map, the business model and a working returns model.
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Drag the sliders to see how the link physically flows — and what it earns.
The owner keeps the congestion rent, but a regulator sets a floor (a minimum revenue that protects lenders if spreads collapse) and a cap (excess above which money returns to consumers). Lower risk than pure merchant, capped upside. This is how a number of merchant interconnectors — the links to France, the Netherlands and Norway among them — are financed, by private and quasi-private owners.
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