EirGrid Press Release
EIRGRID ELECTRICITY LINK BOOSTED
BY EU GRANT
Project on target
for 2012 completion
Strong financial backing announced
by the European Commission for the EirGrid East West Interconnector will have
major benefits for electricity consumers on both sides of the Irish Sea.
The electricity Interconnector
linking Ireland and Wales, which is being developed by EirGrid will be
supported by a €110 million grant from the European Commission, following a
successful application by the Irish Government. The grant was confirmed by
Günther Oettinger, the Commissioner responsible for Energy.
The EirGrid electricity link will
enhance security of supply in Ireland and Wales by enabling movement of power
in both directions. It will assist with the development of renewable
energy generation and encourage more competition to enter the market which in turn
will benefit consumers.
This funding for the EirGrid €600 million interconnector is
part of a suite of energy projects being targeted for investment by the
European Commission as part of their €4 billion economic stimulus package
“Investing today for tomorrow’s Europe”.
The Interconnector will connect
the electricity grids in Wales and Ireland and is on target for completion in
2012.
The Interconnector is at a highly
advanced stage, with construction due to commence early this summer.
EirGrid Chief Executive, Dermot
Byrne says: “As an Island country, interconnection with other
countries offers us great opportunities as confirmed in our recent report on
economic feasibility of further interconnection.
“Clear advantages identified are enhancement of security of
supply, increased competition in the market and an ability to integrate greater
quantities of renewable generation which in turn reduces dependency on fossil
fuel imports”.
Commenting
on the announcement, Günther Oettinger, European Commissioner responsible for energy said: "Never
before has the Commission agreed such an important amount for energy projects.
We have selected key projects which will help creating a more integrated energy
network in Europe ensuring flexible energy flows across Member States' borders.”
The Interconnector will be 260 km
long and will carry 500 megawatts of electricity – the equivalent of supplying
power to 300,000 homes.
