Greenlink and the implications of the UK referendum decision to leave the European Union (‘EU’)
25 July 2016 - Element Power has no plans to change its ongoing development work in respect of the proposed Greenlink interconnector following the recent decision by the UK the leave the EU.
The development of Greenlink has been initiated and progressed by Element Power due to the compelling needs case for additional strategic interconnection, and the significant benefits it will bring to consumers in Ireland and the GB. Greenlink’s recognition as a Project of Common Interest by the European Commission was an important step, and is testimony to its advanced status and the strength of its case to proceed. The UK referendum decision has not altered the case for Greenlink, which remains as strong as ever. Throughout Europe there are many examples of electricity and gas interconnectors, both existing and planned, between EU member and non-member states. Greenlink would emulate the relevant regulatory and policy arrangements.
Increasing levels of interconnection remains of key national strategic importance to both Ireland and GB. Greenlink will provide significant additional interconnection between Ireland, the UK and continental Europe. It will also provide additional transmission network capacities, reinforcing the existing electricity grids in south-east Ireland and south Wales. The development and construction of Greenlink will deliver increased security of supply, fuel diversity and greater competition in Ireland, Wales, Great Britain as a whole and continental Europe.