EirGrid, Ireland's national grid operator and main power supplier, has received a favorable boost for the development of their renewable energy infrastructure. Around 500 million euros in funding from the European Investment Bank is being allocated to increase the country’s importation and exportation of power. The funds will also help the Electricity Supply Board to finance wind farms that will produce 248 MW of new capacity of generation.
Ireland’s potential for wind power is huge and contributes greatly to helping Europe meet its climate change goals. The underwater power cable will be located between Ireland and Wales and it is expected to make the import of renewable energy for the United Kingdom much easier. The total cost of the project will be around 600 million euros and is a key element to the economic recovery plan as well as for the future of energy supply. The support of the East-West Interconnector (EWIC) will enable this movement of surplus power as well as improve the security of the energy supply. Additionally, it will facilitate competitiveness in the green power sector across Europe.
Almost all of Ireland’s energy needs are met from imported fossil fuels and the country’s leaders want to generate almost half of Ireland’s electricity from renewable sources within the next decade. The European Energy Association supports the investment in under-sea cables and believes that wind farms could provide a tenth of the continent’s electricity by 2030. The transfer of excess energy across the borders is critical to help Europe ascend towards both recovery and renewability.
