BritNed Development Limited is a 50:50 joint venture between National Grid and TenneT, the Dutch Transmission System Operator. The company operates the high voltage direct current (HVDC) link between Britain and The Netherlands.
The BritNed interconnector was commissioned in 2011 and is 260km long with a capacity of 1,000MW. This venture supports security of the electricity supply in both markets and allows BritNed's customers to participate in European markets and create open access for all. BritNed transmits power in both directions, driven by price differentials and demand patterns between the two power markets. The link facilitates competition and contributes to the European Commission's desire for greater interconnection.
BritNed Development Limited is a privately owned company set up to commercially operate the BritNed Interconnector. This joint venture of National Grid and TenneT is funded and operated on a commercial basis, independent of their regulated business.
BritNed's customers have open access to the capacity through a combination of implicit and explicit auctions. This approach gives customers real choice about how they bid for capacity and ensures that BritNed supports the ambitions for greater transparency in the European energy markets.
Explicit auctions running on BritNed's own trading platform allow market participants to purchase capacity and electricity separately and they can buy tranches of capacity up to one year before the delivery day.
At the implicit auction market participants can buy capacity as well as electricity in one single transaction. BritNed's day-ahead implicit auction (market coupling) is facilitated by energy exchange, APX-ENDEX.