The Government has said a decision by the European Commission to award €100m in funding to strengthen the electricity grid will help to bring down prices here.
The Minister for Energy, Communications and Natural Resources Eamon Ryan, said the East-West Electricity Interconnector project would link Ireland and the UK by 2012.
He said the project would also allow Ireland to accelerate its development of renewable energy.
The Commission's decision to select the Irish project for significant fast-tracked funding is part of a suite of energy projects being targeted for investment because of their strategic importance to Europe.
The package was announced today as part of a €5 billion economic stimulus package 'Investing today for tomorrow's Europe'.
'The East-West interconnector is vital infrastructure for our country and will bring many benefits,' the Minister said.
He said that connection to the UK will enhance the security of our energy supply as it means that we can import electricity when required from the UK market.
'More importantly, it will mean we can export our electricity to the UK. When the wind is blowing in Ireland, we can sell this power to our neighbours,' he added.
