Neale Richmond (Dublin Rathdown, Fine Gael)
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84. To ask the Minister for Communications, Climate Action and Environment if he will provide an update on the Celtic Interconnector project; and if he will make a statement on the matter. [62024/22]

Eamon Ryan (Dublin Bay South, Green Party)
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The Celtic Interconnector is a 575 km electricity interconnector that will connect the Irish and French electricity grids from East Cork to North-West France, and is being jointly developed by EirGrid and French Transmission System Operator, RTÉ (Réseau de Transport d’Électricité). With a capacity of 700MW, the interconnector will be in a position to provide electricity for some 450,000 homes.

The Celtic Interconnector will provide a reliable high-capacity electricity link between Ireland and France that will have significant benefits for electricity consumers in Ireland. The project will see the return of direct electricity interconnection with the remainder of the European internal energy market, leading to expected increased competition and lower wholesale prices in Ireland. It will also enhance security of electricity supply and facilitate increased capacity for renewable energy here via export access to the mainland European markets. As an EU Project of Common Interest, the European Commission announced a grant of €530 million towards the construction of the interconnector in 2019. A Final Investment Decision for the Celtic Interconnector was reached in November this year, with the final construction and finance contracts subsequently signed by EirGrid and RTÉ on 25 November 2022. Construction is currently scheduled to commence in Spring 2023, with the objective of the interconnector being completed and energized in 2026.