Plans have been tabled for a £2billion power link between Aberdeenshire and Scandinavia which could create 200 new jobs.
The NorthConnect scheme would carry electricity generated in Scotland and Norway to both nations to meet demand.
The consortium of firms involved in the project wants to build an onshore converter station in the village of Boddam, just south of Peterhead.
Electricity generated by Norwegian green energy schemes would be sent across the North Sea to Scotland via a 403-mile cable.
It would also be taken from Peterhead’s gas-fired power station, windfarms and tidal energy developments and sent to Scandinavia.
The consortium hopes NorthConnect will lead to more stable household bills in the UK and encourage and encourage more investment in renewable energy projects.
The firms behind the ambitious scheme – Vattenfall, Adger Energi, E-Co Energi and Lyse – first unveiled proposals to link the two electricity grids four year ago.
But their plans stalled when Scottish and Southern Energy – which owns Peterhead Power Station – pulled out.
The onshore converter station would be built at Boddam, and the cable would come ashore at nearby Longhaven.
At the peak of the construction process, there would be up to 200 jobs created.
There would also be a handful of permanent jobs based in Peterhead for the 30-plus years lifetime of the cable.
The consortium has had a series of discussions with villagers since last summer and has now formally lodged its plans for the convertor station with Aberdeenshire Council.
Last night, Richard Blanchfield, the scheme’s project manager in the UK, said the new connection would lead to a “significant” cut in carbon emissions.
He added: “We have worked closely with the communities around Boddam and Longhaven for the past nine months so that we can put forward plans for a converter station and cables that minimises impact in the local area.
“NorthConnect, if built, will save Scottish and UK consumers money, help keep the lights on and contribute towards significant savings in carbon emissions as it would allow more renewables into the electricity mix.”
A planning application for the cable is expected to made later this year.
Elizabeth Moir, who is secretary of Boddam and District Community Council, said residents were broadly supportive of the project.
“Nobody has raised any concerns with the community council, everyone seems to be in favour of it,” she said.
The firms chose the Peterhead area as the site for the converter station because of its location near existing and planned onshore and offshore windfarms and marine power developments in Caithness, Orkney and Shetland.
The resurrected plans were previously welcomed by Derek McCrindle, programme director at Energetica – a 30-mile corridor stretching from Bridge of Don, north to Peterhead and west to the airport – who said the connection would help meet renewable energy ambitions.
He said: “An interconnector between Peterhead and Norway will open up the European electricity market and help to meet Scottish, UK and European renewable energy ambitions.
“Creating a link between countries working in different time zones will also help to smooth demand for electricity during peak times between both Scotland and Norway.”
In documents lodged with the council, the consortium says there are “a range of environmental impacts” which will need to be addressed.
It adds: “The most significant issue during construction is likely to be noise associated with the converter station work site, especially if blasting is required.”