The huge potential benefits of a new electricity grid under the Irish Sea connecting power sources on Scottish, Northern Ireland and Republic of Ireland electricity networks have been highlighted in a study.

The Irish-Scottish Links on Energy Study (ISLES) study, funded by the EU's INTERREG IVA Programme, has found that development of an interconnected transmission network within the decade would help drive further growth in the renewables sector, create jobs, generate revenues and ensure future sustainable energy supplies by better connecting and exporting electricity.

Pat Rabbitte, Minister for Communications, Energy and Natural Resources, said the study is "further proof" of the economic potential of renewable energy: "With a sea area that is almost ten times the size of our landmass, Ireland has an abundance of ocean renewable energy resources, potentially a multiple of the energy requirements of our own system.

"By co-operating with our neighbouring administrations, we can work together to create a viable market for these resources, initially across our own islands but in time to continental Europe. The study shows that we have the long term potential to reduce infrastructure costs by working together to develop a planned network design."

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Scottish Finance Secretary John Swinney said: "This ground-breaking study highlights the opportunities and the challenges in realising our shared renewables potential. It underlines the commitment of our three governments to work together to harness the huge potential of renewable energy.

"It is further proof, if any were needed, of the enormous economic opportunities renewable energy provides. The low carbon economy could re-industrialise Scotland and the transmission network is an enormous part of that.

"The ISLES study shows that, by working together on a shared renewables grid, we could boost jobs, revenue and economic growth – as well as helping secure future renewable energy supplies.

"These islands have some of the most abundant and powerful offshore renewable energy sources in Europe. Indeed, Scotland has around a quarter of the continent’s wind and tidal resource and as much as a tenth of its potential wave power. This project paves the way to allow us to harvest that potential, further develop our export capability and bring in revenues to Scotland.

"This project has EU-wide significance. It shows Scotland, Ireland and Northern Ireland are leading the debate on how to deliver our offshore energy networks and we will now take these findings to both Westminster and Brussels."

Northern Ireland Energy Minister Arlene Foster said: "I see access to diversified sources of reliable and renewable energy as a core building block for sustainable economic growth.

"The ISLES concept study presents us with a realistic picture of an energy future where the regional wind, wave and tidal energy resources located far off our coasts are harnessed and used for our mutual good. This will not happen quickly or easily.

"Northern Ireland's new Programme for Government and Economic Strategy recognise the need to be responsive to national and international market opportunities. The study points to the sizable potential for local companies to exploit the commercial opportunities that could be generated by the need for a marine renewable supply chain centred on our ports."

(CD)