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Interconnector Set To Reduce Electricity Costs

 

Updated : Mar 30, 2009

Electricity customers can expect lower prices within three years, following the Government[s approval for the construction of a €600m interconnector between Co Meath and Wales.

The Minister for Energy and Natural Resources, Eamon Ryan, said the interconnector would create jobs, increase competition and enable Ireland to sell wind-generated electricity into Britain. The interconnector is a 260km high-powered electricity cable which will link Woodland, Co Meath, with Deeside, Wales, by 2012.

The direct connection is considered critical to the Government’s plans for Ireland to generate 40% of all electricity from renewable sources, like wind power, in just over a decade. The interconnector will enable Ireland to sell excess supply to Britain. It will also provide security of supply as electricity from Britain can be imported in the event of a shortfall.

The Commission for Energy Regulation says the interconnector will increase competition, as British electricity generators will be able to sell power to Ireland, which will drive down prices. Brussels is giving over €100m for the project, while the remaining €500m will mostly be borrowed by electricity grid operator EirGrid. Electricity users will pay small tariffs over the life of the interconnector.

VeryHappyPig says anything which will reduce costs and create jobs has to be a good thing, even if I still don‘t understand what an interconnector is!

 

 

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