Interconnector ‘has potential to lower electricity prices’

The new energy link connecting Ireland and Britain has the potential to lower retail electricity prices for Irish consumers, grid operator, Eirgrid has said.

Yesterday, the company officially opened the East West Interconnector — running between Woodland in Co Meath and Deeside in north Wales — ahead of it technically coming on stream in October. Built for €30m under its original €600m budget, the link has the capacity to transport 500 megawatts — either by importing from Britain and Europe or by exporting from Ireland. That is enough to power 300,000 homes and equates to around 10% of Ireland’s peak energy demands.

The 186km-long sub-sea cable is ready to operate just three years after receiving planning approval.

According to Eirgrid’s outgoing chief executive, Dermot Byrne, the project will satisfy energy demand levels and security of supply concerns and drive competition in the market.

“The Interconnector ties our energy markets closer together. It gives all concerned additional assurance of supply and it is the single most important step in allowing Ireland to exploit and to export its enormous resources of renewable energy,” he said.

“Critically, it also allows us to access energy from Britain and from across the European continent, which will result in more competition to the energy market and put downward pressure on prices.”

Energy Minister Pat Rabbitte, said the delivery of such projects on budget and on time is “essential, so as to keep consumer electricity prices as low as possible”.

He said the completion of the project marks “a vote of confidence in Ireland’s ability to deliver complex projects, with the support of the international banking sector”.