The EuropaGrid could enable the development of a true European integrated power market and greatly enhance electricity security of supply, according to Imera.
Imera’s unveiling of its plans follows the EU’s announcement of a €5 billion stimulus package that includes schemes for increased interconnection.
Commenting on the EU announcement, Rory O’Neill, Imera's CEO says: “There are two main factors which are driving the development of the North Sea Grid – the EU’s call for increased interconnection across Europe as a priority issue, and the EU’s target of 20% of its required energy from renewable sources by 2020. Imera’s EuropaGrid will not only fast-track increased cross-border interconnection in Europe, but also enable enormous growth in renewable generation developments."
Imera recently received EU approval for its first interconnectors linking Ireland and the UK. At present, Imera holds five licenses and is actively developing interconnectors between Ireland and the UK, France and the UK, and Belgium and the UK. These projects form the foundation for EuropaGrid.
Imera is currently raising over €100 million in investment to finance the development of the first phase of EuropaGrid.
According to the company, “Imera does not face time or technology barriers compared to competitors and can complete projects within the three year deadline for interconnector schemes set as part of the EU’s €5bn stimulus package.”