In the present paper we analyze the profitability of different HVDC interconnection alternatives between Norway and Great Britain for present and future scenarios. The analysis is done from a merchant and a social welfare perspective. The analyses include interconnections between Norway and Scotland and Southern Great Britain, respectively, as well as an alternative link to a future offshore wind farm. From a social welfare perspective the northern interconnection alternative is profitable under all sets of assumptions. The southern alternative is profitable under present conditions, but less than the northern alternative. The alternative link to the offshore wind park is not profitable, but this result is highly dependent on market conditions. From a merchant perspective none of the alternatives is profitable, clearly illustrating that leaving investments to commercial parties does not realize all projects that increase social welfare. (C) 2013 Elsevier Ltd. All rights reserved.