Post Construction Review of the Viking Link Interconnector to Denmark: decision

Decision on the Final Project Assessment of the Viking Link interconnector to Denmark
Cap and Floor Regime Handbook 2024
Statutory consultation: Decision on changes to the electricity interconnector licence held by National Grid Viking Link Limited (NGVL)

National Grid Viking Link Limited (NGVL) is the fourth interconnector project to reach the Post Construction Review (PCR) stage of the Cap and Floor Regime. At PCR, we determine the values of the Post Construction Adjustment (PCA) terms that inform the final cap and floor levels for the project.

In November 2024, we consulted on our minded-to position on the proposed values for the PCA terms submitted by NGVL and the resulting cap and floor levels for the project. We also consulted on related changes to the special conditions of NGVL’s licence.

This publication is our final decision on the PCR for the Viking Link project. It specifies the PCA terms as £9.58 million and £14.38 million; and sets the final cap and floor levels at £121.13 million and £76.08 million respectively (2019/20 prices).

Alongside this decision, we are publishing the relevant modification notices to implement changes to the special conditions of NGVL’s licence and final versions of the Viking Link cap and floor financial models (VLCFFM1 and VLCFFM2) and the handbooks for both models.

Main document

[Decision on the Post Construction Review of the Viking Link Interconnector to Denmark [PDF, 597.79KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Decision-on-the-Post-Construction-Review-of-the-Viking-Link-Interconnector-to-Denmark.pdf)

Subsidiary documents

[Appendix 1: Direction to determine PCA terms for the Viking Link interconnector [PDF, 110.27KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Appendix-1-Direction-to-determine-PCA-terms-for-the-Viking-Link-interconnector.pdf)

[Appendix 2: Direction to modify special conditions of the electricity interconnector licence held by National Grid Viking Link Limited [PDF, 147.48KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Appendix-2-Direction-to-modify-special-conditions-of-the-electricity-interconnector-licence-held-by-NGVL.pdf)

[Schedule 1: Modifications to the special conditions of the electricity interconnector licence held by National Grid Viking Link Limited [PDF, 646.21KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Schedule-1-Modifications-to-the-special-conditions-of-the-electricity-interconnector-licence-held-by-NGVL.pdf)

[Appendix 3: VLCFFM1 [XLSM, 250.08KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Appendix-3-VLCFFM1.xlsm)

[Appendix 4: VLCFFM2 [XLSM, 247.74KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Appendix-4-VLCFFM2.xlsm)

[Schedule 2: Handbook for VLCFFM1 [PDF, 653.13KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Schedule-2-Handbook-for-VLCFFM1.pdf)

[Schedule 3: Handbook for VLCFFM2 [PDF, 542.05KB]

](https://www.ofgem.gov.uk/sites/default/files/2025-07/Schedule-3-Handbook-for-VLCFFM2.pdf)