Element Power’s 500MW Greenlink interconnector between the UK and Ireland will have “significant” positive benefits for Irish electricity consumers, according to a consultation paper published by the country’s energy regulator.
However, the Commission for Regulation of Utilities (CRU) will carry out more analysis of the project before making an initial decision in September, with a final decision expected to follow next year.
If the decision is positive, the CRU will consider a cap-and-floor support mechanism for the project. Cap-and-floor would cap revenue and limit consumer exposure, said Element Power.
Greenlink project director Simon Ludlam said: “This is a key step in approving Greenlink’s application for regulatory support. Introducing a cap-and-floor regime will ensure that risk is reduced for consumers and that they get best value for money from the project.”
He added that the CRU analysis indicates that the project would benefit Irish consumers by about €800m in total.
The consultation is open until 13 August.
The 170km interconnector would connect Ireland from Great Island off County Wexford to the UK at Pembroke Dock in Wales.
Image: EirGrid
Greenlink ‘offers consumer benefit’
By EBS