EirGrid stated that the upgraded grid which is being put in place will provide a platform for economic recovery and inward investment, when it announced its annual results in Dublin.

Speaking at the launch, EirGrid Chairperson Ms Bernie Gray stated that implementing the Grid25 programme will create major benefits.

She said: "A stronger grid will provide benefits to all regions of Ireland. In addition, this

coming September will see the completion of the East West Interconnector, which will electrically connect Ireland to the UK and beyond into Europe and will enable us to participate in those electricity markets."

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Chief Executive Dermot Byrne added: "Business and job creation will benefit in a number of ways as we know that competition drives down prices, and that is attractive to new and existing investors. The first auction for capacity on the East West Interconnector will take place this summer, and this will enable Ireland to develop a new and indigenous sector – the energy export market. We have plenty of potential to develop our renewable energy resources here.

"EirGrid recently announced a €500 million investment in a new electricity link between Munster and Leinster, and this, alongside other current or planned projects, will enable Ireland to have a 21st century grid, modern enough and flexible enough to cater for the requirements of future generations."

The East West Interconnector project continues to progress on time for delivery in September 2012. This will bring an additional capacity of 500 MW (megawatts) of power to be traded in both directions. Benefits will include increased competitiveness, enhanced security of supply and the facilitation of renewable energy.

EirGrid has also been looking at the potential for further interconnection.

(CD)