Post construction review of the Greenlink interconnector to Ireland

Consultation description

Greenlink is an interconnector project regulated under our cap and floor regime. Greenlink commenced commercial operations on 29 January 2025. We granted Greenlink Interconnector Limited (GIL) a cap and floor regime with respect to the Greenlink interconnector project in September 2015 and set the preliminary cap and floor levels in August 2022 after our assessment of the Final Project Assessment (FPA).  

At this stage, we revisit aspects of our cost assessment that were not fixed at previous stages and assess the efficiency of responses to events that have materialised during construction. We then determine the value of the Post Construction Adjustment (PCA) terms, which adjust the preliminary cap and floor levels to take into account our final view of the project’s costs. 

This consultation sets out our minded-to position on GIL’s PCR, in particular our views on the proposed values for the PCA terms submitted by GIL and proposed final cap and floor levels for the project. 

Alongside our consultation on the GIL PCR, we are also consulting on related changes to the special conditions of GIL’s interconnector licence. We are also seeking views on updated Cap and Floor Financial Models 1 and 2 and associated handbooks for GIL.

This consultation will close on 16 October 2026. Subject to stakeholder responses, we aim to make our final decision on GIL’s PCR and on the other elements outlined above in December 2026. 

Who should respond 

We welcome responses from interested stakeholders particularly: 

• interconnectors 
• system operators  
• national regulatory authorities  

How to respond 

Submit your response by 16 October 2026 by emailing cap.floor@ofgem.gov.uk  

Note: Some of the documents below are not fully accessible. Please contact cap.floor@ofgem.gov.uk  if you need an alternative format.