Element Power has specifically designed Greenwire to connect the projects directly to the UK grid network, and therefore supports Government’s stated intention to initially focus on establishing arrangements for such projects under the Contracts for Difference (CfD) operational framework.
Greenwire is in line to be the first project to utilise these provisions and contribute 10% of the UK's 2020 renewable energy targets, after Element Power signed contracts earlier this year for two connections to the national grid in Wales in 2017 and 2018. The renewable energy generated from abundant winds blowing across Ireland would complement UK wind power, and could provide electricity for 3 million UK homes each year. If the measures in the Energy Bill are passed and a "CfD" awarded to Greenwire, the UK Government would unlock the potential to create thousands of jobs, and reduce the cost to consumers by over £7 billion when compared to sea-based offshore wind projects.
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Mike O'Neill, President and Chief Operating Officer of Element Power, welcomed the Energy Bill saying: "When enacted this legislation would be a historic first step towards a secure, clean and green energy supply from Ireland to the UK. We call on the Government to immediately build on these outline provisions to provide Element Power with a clearer signal to continue its already extensive investment into Greenwire. Greenwire is a win-win for the UK and Ireland, and will become a precedent for the sharing and trading of renewable energy resources for other European countries."
(CD/GK)
