Imera Announces EUR4.4 Billion Pan European Electricity Grid Project
Offshore Power Network to Enable Renewable Energy to be Connected, Enhancing Security of Supply and Cross Border Trade
Feb 3, 2009 - Electric Energy Online.com
Dublin, February 3, 2009 - Imera has announced that it will build North Sea and Atlantic electricity grids, connecting key markets and offshore wind farms as the foundation for a pan-European offshore electricity network. The EuropaGrid will enable the development of a true European integrated power market and greatly enhance electricity security of supply.
Imera's unveiling of its plans follows the EU's announcement of a EUR5 billion stimulus package that includes schemes for increased interconnection.
Commenting on the EU announcement, Rory O'Neill, Imera's CEO said, "There are two main factors which are driving the development of the North Sea Grid - the EU's call for increased interconnection across Europe as a priority issue, and the EU's target of 20% of its required energy from renewable sources by 2020. Imera's EuropaGrid will not only fast-track increased cross-border interconnection in Europe, but also enable enormous growth in renewable generation developments."
The Imera EuropaGrid project will comprise of two networks:
- EuropaGrid North Sea - connecting Scandinavia, Western Europe and the UK. The first phase represents an investment of EUR2.76 Billion.
- EuropaGrid Atlantic - connecting UK, Ireland, France & Spain. The first phase represents an investment of EUR1.65 Billion. Imera is already developing this with the first cables coming in to operation in 2010.
The key benefits of the EuropaGrid project to the EU include:
- A single electricity market will ensure security of energy supply, increased competition, and more efficient energy trading within the EU.
- Connecting offshore wind will drive the development of renewable technologies and projects with existing and innovative transmission technology.
- It solves the grid connection problems many wind power developers face today and helps to stabilise the power flow coming from these large offshore wind farms.
- As a private sector developer Imera funds its own development costs, therefore no costs are passed on to the taxpayers or electricity users.
Imera is an asset investment company specialising in the development of subsea power interconnectors and power transmission grids and has recently received EU approval for its first interconnectors linking Ireland and the UK. At present, Imera holds five licenses and is actively developing interconnectors between Ireland and the UK, France and the UK, and Belgium and the UK. These projects form the foundation for EuropaGrid.
"Because we are a private company, we can build networks faster and cheaper than most regulated organisations. We also have access to the largest fleet of specialized cable-laying vessels and marine engineering expertise through our parent company, Oceanteam. We truly believe that EuropaGrid is the future of electricity in Europe and we have the in-house expertise, technical knowledge, and organisational capability to make it happen." Imera is currently raising over EUR100M in investment to finance the development of the first phase of EuropaGrid.
Imera does not face time or technology barriers compared to competitors and can complete projects within the three year deadline for interconnector schemes set as part of the EU's EUR5 billion stimulus package. This means that Europe can benefit from a single electricity market while harnessing the power of offshore renewable energy across the EU states.
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