October 19 (Renewables Now) - Ireland's Commission for Regulation of Utilities (CRU) has given its support to the 500-MW Greenlink interconnector between Wales and Ireland, saying the project is in the public interest.
The electricity regulator announced on Wednesday that the proposed HVDC (high-voltage direct current) interconnector should be supported with a new regulatory regime. Its decision to back the scheme is based on public consultations and the “significant” positive impacts from its development, such as greater integration of renewable energy, improvement of energy security and supply and lower energy prices.
CRU plans to hold a consultation in the first half of next year on a proposed ‘cap and floor’ mechanism to support the Greenlink’s developer.
The EUR-400-million (USD 458m) privately-financed interconnector is being developed by Greenlink Interconnector Ltd, a subsidiary of Element Power. The 205-km (127-mile) high voltage direct current (HVDC) link is expected to enter construction in 2020 and to be completed in 2023.
The subsea and underground cable will run from the Great Island substation in County Wexford, Ireland, to the Pembroke substation in Pembrokeshire, Wales. UK energy regulator Ofgem has already determined the project is in the public interest.
(EUR 1.0 = USD 1.146)