A €1bn subsea power cable linking Ireland to France will help drive down electricity prices for Irish consumers, government leaders said today as they signed an application for some €600m in European grant aid for the project.

EirGrid has identified new potential landfall locations on the East Cork coast for a proposed €1bn subsea power cable between Ireland and France.

Over €4.5m has been secured for energy projects in Cork and Offaly in a bid to link Ireland’s energy grid with those in the UK and France.

Eirgrid is planning a €1bn interconnector to France to be completed by 2025 as part of a plan to integrate Ireland into the wider European electric grid.