The UK and Ireland are working together to explore the potential for securing economic benefits through trade in renewable energy. Ed Davey and Irish Minister for Communications Energy & Natural Resources, Pat Rabbitte, have agreed a memorandum of understanding (MOU) affirming the two countries commitment to:
- maintaining a strong partnership on energy issues;
- achieve closer integration of electricity markets; and
- maximise the sustainable use of low carbon renewable energy resources.
Announcing the agreement Minister Rabbitte said: “Ireland has the potential to generate far more wind energy than we could consume domestically. The opportunity to export this green power presents an opportunity for employment growth and export earnings which we must seize if we can. We will work closely with the UK government so we are in a position to move towards a formal agreement on energy trading.”
The MOU will allow analysis of Ireland’s natural resources which could be developed to both countries’ mutual benefit through trading renewable energy, particularly wind energy. If the analysis proves positive, the next stage would be to develop an inter-governmental agreement for signing in 2014. A tight timeline is essential if potential projects, which would be selected through an open competitive process, are to commence exporting wind energy from Ireland to the United Kingdom by 2020.
For more information, help or advice on Energy issues please contact our Energy Team on 0191 211 7777 or email [email protected].