Mr. Michael Mahon:

The interconnector that will link Cork and Brittany has been studied for well over a decade now. Its merits are multiple and include facilitating Ireland’s 70% target for the increased use of renewable electricity by 2030, as set out in the climate action plan. It will also increase competition in the electricity market, apply downward pressure on cost, enhance the security of supply for both Irish and French electricity consumers and improve telecommunications between Ireland and France by providing a direct fibre-optic link between both countries. In addition to these benefits, the Celtic interconnector will, crucially, provide Ireland’s only energy connection to an EU member state once the United Kingdom leaves the EU. Last Wednesday, the European Commission announced grant funding to the tune of €530 million for this project. Due to the manner in which the regulatory authorities in Ireland and France profiled the grant application, 65% of the grant will be allocated to Ireland. As such, the overall grant to Ireland will be approximately €345 million, which is a fantastic outcome for both Irish electricity consumers and the broader Irish energy system.

I pay particular tribute to the solid cross-party support the Celtic interconnector project has received to date, in both the Seanad and the Dáil, especially from Senators Noone, Richmond and the entire membership of this committee. The committee's report from July 2017 explicitly stated: "The free-flow of electricity through inter-connectors, particularly through the completion of the Celtic interconnector, should be a priority." The announcement by the European Commission last week has overwhelmingly demonstrated that it shares this priority. EirGrid and its French counterpart, RTE France, look forward to progressing this landmark electricity project and ensuring it is delivered on time by the mid-2020s.