European money for electricity interconnector welcomed
Posted, December 18, 2009 @ 00:00
European money for electricity interconnector welcomed
The European Investment Bank's announcement that the UK and Holland are to receive €300 million for an electricity interconnector is good news for consumers and for our energy security, Giles Chichester MEP, Conservative energy spokesman in the European Parliament, said today.
The EIB has granted the amount to pay for the construction of the BritNed interconnector which will have the capacity to transfer 1,000MW between the two countries, boosting competition and creating a more secure supply of energy in the UK. The EIB's contribution represents 50 percent of the total project cost. The cable is already being laid between the Isle of Grain and Rotterdam and it is expected to be completed by December 2010.
Mr Chichester, who has in the past been responsible for steering legislation through the European Parliament aimed at promoting cross-border energy exchange and security of supply, said:
"Amidst growing fears that parts of the UK could see power blackouts, it is increasingly crucial that we create a pan-European energy grid and a single market in energy. This will increase choice for consumers and bring down prices but most importantly it will ensure the lights stay on in our homes.
"The creation of a European energy grid is of crucial importance and the European Investment Bank's support is particularly welcome."