As things stand, Ireland will have no electricity interconnection with any member of the EU following Brexit.
The European Commission is to provide a grant of €530 million for the development of a €1 billion power line connecting Ireland with France.
The €1 billion Celtic Interconnector will connect Ireland’s electricity network to France via an underwater connection.
Once Britain leaves the EU, Ireland will have no electricity interconnection with any member of the European Union.
The project is being jointly developed by EirGrid and its French counterpart Réseau de Transport d’Électricité (RTE) and will connect Cork with Bretton to provide Ireland with a direct electricity link with mainland Europe following Brexit.
Once built, its 700 megawatts capacity will power 450,000 households and stretch roughly 600km, with the Irish government stating it will lower the cost of electricity in Ireland due to competition.
A fibre optic cable will also be installed, facilitating enhanced telecommunications capacity with continental Europe.
The funding is coming from the commission’s Connecting Europe Facility programme.
Speaking on the announcement, Taoiseach Leo Varadkar said: “This is a really significant investment for Ireland and will help us to conduct a magnificent feat of engineering.
“The Celtic Interconnector will help to lower electricity prices, reduce greenhouse gas emissions and provide greater energy security.
“It’s a direct result of our close working relationship with the European Commission including President Juncker, and France and President Macron, who will be our closest EU neighbours following Brexit. It’s a signal of European solidarity at this crucial time.”
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