The Government has approved a plan to construct two interconnectors to carry electricity across the Irish Sea.
Between them, the two underground cables will be able to carry 1,000 megawatts of electricity, which is just over 20% of Ireland's current electric power capacity.
The project will open the electricity supply market here to competition for the first time.
The Minister for Communications, Marine and Natural Resources, Dermot Ahern, wants the interconnectors to be 'constructed, managed and owned by the private sector'.
However, if the private sector does not invest in the project, Mr Ahern will ask the Commission for Energy Regulation to run a tender competition to build and run the project.
It is estimated it could cost up to €400million.
