Profit Beats Brexit in Biggest Race for Power Cables to U.K.

Nobody seems to have told Europe’s power industry about Brexit.

Even as Britain begins its exit from the European Union, there are at least 12 projects worth more than 10 billion euros ($11 billion) combined in the works to expand the island nation’s connection to the surplus generating capacity on the continent. That’s because of the potential for profit in Britain, where a levy on carbon emissions and a lack of new generators to replace old plants means wholesale prices are a third higher than in France and as much as 80 percent above the Nordic market.