Released May 12, 2010 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Irish state-controlled grid operator EirGrid (Dublin) has raised the 600 million euros ($763.8 million) needed to build the first electricity interconnector between Ireland and Wales.
The company announced that it has raised the final 160 million euros ($203 million) through Barclays plc (NYSE:BCS) (London, England) and BNP Paribas SA (OTC:BNPQY) (Paris, France). Eirgrid has already secured 300 million euros ($381.9 million) from the European Investment Bank (Luxembourg) and an additional 110 million euros ($139 million) in grant support from the European Union as part of its goal to interconnect the grids of EU member states. For additional information, see March 10, 2010, article - Europe Awards 910 Million Euros for Interconnector Projects.
The East-West Interconnector project will consist of 70 kilometres of underground cables and 186 kilometres of undersea cables. The project will benefit both countries by providing a reliable energy supply, boosting renewable energy potential and creating export opportunities for energy produced in Ireland.
The interconnection points will be at Barkby Beach in northern Wales and Rush North Beach, near Dublin. Work on the 500-megawatt (MW) link is expected to start next month. When completed in 2012, the link will provide electricity to about 350,000 households.
"We are delighted that the commercial funding at very competitive rates has been secured, especially at a time when economic conditions are difficult," said EirGrid Chief Executive Dermot Byrne. "Design and manufacture of the interconnector cable is under way, with construction due to commence in June this year. As an island country, Ireland is on track to tie into the greater European energy market in just two years."
In April 2009, EirGrid awarded a contract valued at approximately 430 million euros ($547 million) to ABB Limited (NYSE:ABB) (Zurich, Switzerland) to design and supply transmission equipment for the project. The system, which is based on high-voltage direct-current (HVDC) light technology, consists of oil-free cables, neutral electromagnetic fields, and compact converter systems to reduce electrical losses. The system also contains a "black-start" feature, allowing the network to restore electricity after an outage without the aid of external power sources. For details, view April 3, 2009, article - ABB Secures $550 Million HVDC Transmission System Order for U.K.-Ireland Power Interconnector.
In September, EirGrid received permission to build a power-converting station for the interconnector project in Shotton, near Deeside in the north of Wales. The electricity converter will transform power, making it suitable for undersea transmission. The station will also be able to convert electricity to meet the United Kingdom's high-voltage requirements. For additional information, see September 16, 2009, article - New Power Converter Station to Connect North Wales and Ireland Electricity Networks.
In related news, Eirgrid was this week defending the company's other major Irish interconnector project, a controversial link between the electricity grids of Northern Ireland and the Republic of Ireland.
The planned 400-kilovolt line will run 140 kilometres on pylons, linking Meath in southern Ireland with Tyrone in the north. Eirgrid argued at a public hearing this week that the second link with Northern Ireland is needed to secure supply for the northeast of the Republic while also acting a backup for the existing link between Louth and Armagh.
Protesters argued that much of the interconnector lines could be placed underground, but Eirgrid said the proposals would add 430 million euros to the cost of the project, and delay the rollout by years. The hearing will continue until the end of June.
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The company announced that it has raised the final 160 million euros ($203 million) through Barclays plc (NYSE:BCS) (London, England) and BNP Paribas SA (OTC:BNPQY) (Paris, France). Eirgrid has already secured 300 million euros ($381.9 million) from the European Investment Bank (Luxembourg) and an additional 110 million euros ($139 million) in grant support from the European Union as part of its goal to interconnect the grids of EU member states. For additional information, see March 10, 2010, article - Europe Awards 910 Million Euros for Interconnector Projects.
The East-West Interconnector project will consist of 70 kilometres of underground cables and 186 kilometres of undersea cables. The project will benefit both countries by providing a reliable energy supply, boosting renewable energy potential and creating export opportunities for energy produced in Ireland.
The interconnection points will be at Barkby Beach in northern Wales and Rush North Beach, near Dublin. Work on the 500-megawatt (MW) link is expected to start next month. When completed in 2012, the link will provide electricity to about 350,000 households.
"We are delighted that the commercial funding at very competitive rates has been secured, especially at a time when economic conditions are difficult," said EirGrid Chief Executive Dermot Byrne. "Design and manufacture of the interconnector cable is under way, with construction due to commence in June this year. As an island country, Ireland is on track to tie into the greater European energy market in just two years."
In April 2009, EirGrid awarded a contract valued at approximately 430 million euros ($547 million) to ABB Limited (NYSE:ABB) (Zurich, Switzerland) to design and supply transmission equipment for the project. The system, which is based on high-voltage direct-current (HVDC) light technology, consists of oil-free cables, neutral electromagnetic fields, and compact converter systems to reduce electrical losses. The system also contains a "black-start" feature, allowing the network to restore electricity after an outage without the aid of external power sources. For details, view April 3, 2009, article - ABB Secures $550 Million HVDC Transmission System Order for U.K.-Ireland Power Interconnector.
In September, EirGrid received permission to build a power-converting station for the interconnector project in Shotton, near Deeside in the north of Wales. The electricity converter will transform power, making it suitable for undersea transmission. The station will also be able to convert electricity to meet the United Kingdom's high-voltage requirements. For additional information, see September 16, 2009, article - New Power Converter Station to Connect North Wales and Ireland Electricity Networks.
In related news, Eirgrid was this week defending the company's other major Irish interconnector project, a controversial link between the electricity grids of Northern Ireland and the Republic of Ireland.
The planned 400-kilovolt line will run 140 kilometres on pylons, linking Meath in southern Ireland with Tyrone in the north. Eirgrid argued at a public hearing this week that the second link with Northern Ireland is needed to secure supply for the northeast of the Republic while also acting a backup for the existing link between Louth and Armagh.
Protesters argued that much of the interconnector lines could be placed underground, but Eirgrid said the proposals would add 430 million euros to the cost of the project, and delay the rollout by years. The hearing will continue until the end of June.
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
