Home > Ireland > Irish regulators back EU grants for Celtic undersea power cable

Irish regulators back EU grants for Celtic undersea power cable

Written by Business World, on 7th May 2019. Posted in Ireland

article headline

French energy regulator CRE and its Irish counterpart CRU said on Monday they are backing a bid by the Celtic Interconnector undersea power cable project to get at least 60% of its 930 million euros investment from European Union grants.

The 700 megawatts high-voltage power cable project, led by French power grid operator RTE and Ireland's EirGrid, will be the first interconnector linking Ireland to France.

The regulators said that in the context of Britain's exit from the European Union, the project will establish a direct power link betweenIreland and the European internal energy market. It would also improve Ireland's security of supply.

The Celtic Interconnector, set to run from the southern Irish coast to Brittany in France from 2026, was declared a common interest project by the European Union's executive arm, making it eligible for grants from the bloc.

The regulators said they have agreed that 65% of the project's estimated investment costs will be allocated to Ireland and 35% to France. (Reuters)

Source: www.businessworld.ie

More articles from Ireland

image Description

Coveney says new British PM will not get better Brexit deal

Read more
image Description

Ireland must be open to some international tax changes says Finance Minister

Read more
image Description

42% of workforce dissatisfied with their career

Read more
image Description

Irish regulator opens first privacy probe into Google

Read more
image Description

Record rise in Irish employment in first quarter

Read more