The energy regulatory authorities of Ireland (Commission for Regulation of Utilities (CRU)) and France (Commission de Régulation de l’Energie (CRE)) have made a coordinated decision on the cross-border cost allocation request submitted by the Celtic Interconnector project, a proposed 700 MW HVDC undersea power cable project expected from 2026.
Both regulators considered that the direct power link project between France and Ireland would strengthen the European energy market integration, foster renewable integration and reinforce solidarity between the EU Member States, considering the relative electrical isolation of the Irish market and the expected exit of the United Kingdom from the European Union. The project's investment costs are estimated at €930m, to be allocated between Ireland (65%) and France (35%). It should benefit from substantial EU financial assistance covering at least 60% of the project’s investment costs.