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• EU grants E110m to Irish inter-connector

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  Helena Deane    Group moderator

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  EU grants E110m to Irish inter-connector

  The European Commission today awarded a grant of E110 million for the electricity inter-connector between Co Meath and Deeside in Wales.
  
  The grant is for up to 50pc of the project which will be undertaken by Eigrid and co-financed by the Irish authorities.
  
  The inter-connector is one of 43 electricity and gas pipeline projects across the EU selected for the award of a grant and forms part of a E4 billion package of economic recovery projects, E2.3 billion of which is for energy projects. This is the largest amount the EU has ever spent on energy infrastructure. The grants are being made to projects which are at risk of major delay because of the economic downturn. The investments are intended to stimulate employment and ensure the survival of many small businesses in the construction and services industries. It also seen as key to reduce the "energy isolation" of countries around the edge of the continent.
  
  Jose Manuel Barroso, President of the European Commission, said: "Under the EU's Recovery Plan we finance 'smart investment' - a short-term stimulus targeted on long-term goals. Investing in key infrastructure will not only give a push to the economy and employment, but it will also help ensuring that citizens homes will have heating and electricity, even in the event of supply disruptions. We have learnt the lessons of the recent gas crisis which is one of the reasons why we decided to allocate major financial assistance to new energy infrastructure projects".
  
  (Bizworld)
  
  • 04 Mar 2010, 4:08 pm
  Helena Deane wrote: > The European Commission today awarded a grant of E110 million for the > electricity inter-connector between Co Meath and Deeside in Wales. > > The grant is for up to 50pc of the project which will be undertaken > by Eigrid and co-financed by the Irish authorities. > > The inter-connector is one of 43 electricity and gas pipeline > projects across the EU selected for the award of a grant and forms > part of a E4 billion package of economic recovery projects, E2.3 > billion of which is for energy projects. This is the largest amount > the EU has ever spent on energy infrastructure. The grants are being > made to projects which are at risk of major delay because of the > economic downturn. The investments are intended to stimulate > employment and ensure the survival of many small businesses in the > construction and services industries. It also seen as key to reduce > the "energy isolation" of countries around the edge of the continent. > > Jose Manuel Barroso, President of the European Commission, said: > "Under the EU's Recovery Plan we finance 'smart investment' - a > short-term stimulus targeted on long-term goals. Investing in key > infrastructure will not only give a push to the economy and > employment, but it will also help ensuring that citizens homes will > have heating and electricity, even in the event of supply > disruptions. We have learnt the lessons of the recent gas crisis > which is one of the reasons why we decided to allocate major > financial assistance to new energy infrastructure projects". > > (Bizworld)