Eurotunnel has announced plans to run an electricity link through the Channel Tunnel as part of a plan to boost Britain’s power supplies. The proposed cable aims to smooth out supply volatility relating to offshore wind power.
German railway operator Deutsche Bahn has confirmed it will test its high-speed ICE-3 train in the Channel Tunnel as it considers expanding its European services. Scheduled for October, the test will allow the company to explore the possibility of establishing a link between the financial centres of London and Frankfurt.
The Channel Tunnel Rail Link is to go under the hammer as part of a sell-off of key assets to address the UK’s severely depleted coffers. The sale is expected to reach in the region of £2bn.
The widespread disruption to European flight schedules due to the ash cloud has led to a 30 percent surge in Eurotunnel’s online bookings. The Channel Tunnel operator is experiencing unprecedented booking activity, which has also been boosted by the uncertainty surrounding a possible British Airways strike.
Profits at Eurotunnel – the venture which controls the Channel Tunnel – slumped dramatically in 2009, amid the continued “poor economic environment”. The continuing impact of a fire in September 2008 and snow in December 2009 also hit figures.
Goldman Sachs is set to become the biggest shareholder in Eurotunnel by taking a 21.2 percent stake. The boardroom presence of the investment bank is expected to help the channel tunnel operator in the pursuit of “upcoming strategic developments”.
Hundreds of holidaymakers were stuck in the Channel Tunnel for six hours in sweltering heat when their train broke down. Around 500 passengers were stranded in the dark with no air-conditioning and temperatures of 30ºC when a Eurotunnel train ground to a halt mid-journey last night. Several passengers, including children, passed out in the sweltering conditions and no running water.
Eurotunnel has been granted permission by French financial authorities for a listing on the Paris Stock Exchange after successful hitting restructuring targets.The Channel Tunnel operator is now allowed to launch a tender offer to the holders of its warrants, allowing them to convert these to shares two years earlier than originally planned.
The Channel Tunnel is to have a sprinkler system fitted after the fire last September, the third in 12 years, forced tunnel operator Eurotunnel to admit that it had underestimated the risk of disaster.Eurotunnel is acting following the incident in September when a lorry caught fire, although it has been testing and debating a system since the first fire in 2006.