At our latest Committee meeting, we brought together the transmission system and distribution network operators jointly responsible for the delivery of the North South Interconnector. This key piece of infrastructure has been long in the planning and the Committee welcomed an update on the project development and indicative timeline for delivery.
Once completed, the North South Interconnector will play a pivotal role in increasing competition and helping with security of supply challenges across the island. It will also be a key tool in meeting ambitious carbon emission reduction requirements and delivering renewable targets in both Ireland and Northern Ireland.
The ability to efficiently harness both the climate and economic benefits of the renewables connected to the system is vital in the delivery of a decarbonised economy. With binding climate reduction targets in both jurisdictions, the importance of enhancing the system to encourage as well as accommodate renewable technologies has never been greater.
A key driver of efficient and effective electricity markets is the optimal use of the electricity transmission system. The ability to optimize the use of all generation and deliver it from where it is produced to where there is demand, without constraint, helps to keep costs as low as possible for consumers. With savings now estimated at approximately €100m per annum by 2030, the North South Interconnector will help deliver tangible benefits and cost savings for consumers across the island of Ireland.
Hearing representations from EirGrid, SONI, ESB Networks and NIE Networks, the Committee welcomed the progress made to date on delivery. This joined-up delivery approach will help to ensure focus on the development of this critical energy infrastructure project.