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Released March 10, 2017 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The European Union (EU) is to help back key Irish power projects as the U.K.'s forthcoming exit (Brexit) from the Union threatens the security of the country's gas supplies.
The Union's financing mechanism the European Investment Bank (EIB) has promised to support two projects: an electricity interconnector between France and Ireland and the possible construction of a liquefied natural gas (LNG) import terminal in County Kerry.
"The EIB is very conscious that Ireland is uniquely exposed to the economic consequences of Brexit," EIB Vice President Andrew McDowell told Reuters. "The need to show tangible European support for Ireland is becoming more pressing and the EIB is part of that."
Ireland relies on the U.K for 60% of its gas imports. Once the U.K. leaves the EU, Ireland will not be allowed to negotiate a separate bilateral trade agreement, casting a shadow over its energy security.
Industrial Info reported last year on the advancement of the Celtic Interconnector project, which will connect the grids of both countries for the first time. Following five years of feasibility studies, Irish grid operator EirGrid and its French counterpart Réseau de Transport d'Électricité (RTE) signed a memorandum of understanding to move to the next stage. The 600-kilometre (km) cable will have a capacity of approximately 700 megawatts (MW), enough to power 450,000 households. Both countries believe the link will cut electricity prices for consumers and boost electricity security. For additional information, see July 27, 2016, article--France-Ireland Interconnector Powering Ahead.
The other project is a proposed LNG-receiving terminal on the Shannon Estuary near Ballylongford and Tarbert in County Kerry. The project has been stop-go for a number of years and was offloaded by key developer Hess LNG, a 50-50 joint venture owned by Hess Corporation (NYSE:HES) (New York, New York) and U.S. hydrocarbons trading and transportation company Poten & Partners Incorporated (New York) in 2016. An unnamed private investment group has taken over the proposed project and is "evaluating options." The terminal would enable Ireland to import up to 28.3 million cubic meters a day, double its current gas needs.
"Because all of our electricity and gas interconnections are with Britain, it would be irresponsible of us not to explore all other options," said Irish Energy Minister Denis Naughten. "We will be available and will assist."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The Union's financing mechanism the European Investment Bank (EIB) has promised to support two projects: an electricity interconnector between France and Ireland and the possible construction of a liquefied natural gas (LNG) import terminal in County Kerry.
"The EIB is very conscious that Ireland is uniquely exposed to the economic consequences of Brexit," EIB Vice President Andrew McDowell told Reuters. "The need to show tangible European support for Ireland is becoming more pressing and the EIB is part of that."
Ireland relies on the U.K for 60% of its gas imports. Once the U.K. leaves the EU, Ireland will not be allowed to negotiate a separate bilateral trade agreement, casting a shadow over its energy security.
Industrial Info reported last year on the advancement of the Celtic Interconnector project, which will connect the grids of both countries for the first time. Following five years of feasibility studies, Irish grid operator EirGrid and its French counterpart Réseau de Transport d'Électricité (RTE) signed a memorandum of understanding to move to the next stage. The 600-kilometre (km) cable will have a capacity of approximately 700 megawatts (MW), enough to power 450,000 households. Both countries believe the link will cut electricity prices for consumers and boost electricity security. For additional information, see July 27, 2016, article--France-Ireland Interconnector Powering Ahead.
The other project is a proposed LNG-receiving terminal on the Shannon Estuary near Ballylongford and Tarbert in County Kerry. The project has been stop-go for a number of years and was offloaded by key developer Hess LNG, a 50-50 joint venture owned by Hess Corporation (NYSE:HES) (New York, New York) and U.S. hydrocarbons trading and transportation company Poten & Partners Incorporated (New York) in 2016. An unnamed private investment group has taken over the proposed project and is "evaluating options." The terminal would enable Ireland to import up to 28.3 million cubic meters a day, double its current gas needs.
"Because all of our electricity and gas interconnections are with Britain, it would be irresponsible of us not to explore all other options," said Irish Energy Minister Denis Naughten. "We will be available and will assist."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
