Getlink, the company that manages and operates the Channel Tunnel infrastructure between France and the UK, has reached an agreement with its insurers to provide compensation of approximately €55 million for ElecLink’s operational losses following the suspension of its activities at the end of 2024.
The outage was caused by a failure of the ElecLink power interconnector, an underwater high-voltage cable that connects the French and British power grids through the Channel Tunnel.
For safety reasons, operations will be suspended from September 25, 2024 to February 5, 2025 for maintenance.
Subsequent technical testing uncovered a second related fault, causing the repair to take longer than initially expected.
The interconnector will be gradually returned to service from February 5, 2025 through repair work on the cables.
During the suspension period, ElecLink was unable to generate revenue, resulting in significant operating losses.
Under the insurance agreement, Getlink will receive compensation of 55 million euros, of which 5 million euros will be paid in the first half of 2025.
The full amount will be recognized in the company’s 2025 consolidated financial statements.
