Dublin, 12 November 2024
Ofgem announced today its minded to decision to award Cap & Floor regulation to the 750MW MaresConnect interconnector project as part of its Initial Project Assessment of the third Cap & Floor application window for electricity interconnectors. Ofgem’s review recognised MaresConnect for its potential to support cross-border energy security, renewable integration, and enhanced system flexibility within Great Britain and Ireland.
Ofgem has approved a further 6GW of interconnection capacity between Great Britain and its neighbours consistent with the Government’s policy of achieving a total of 18GW by 2030.
“We very much welcome Ofgem’s positive response,” said Simon Ludlam, CEO at MaresConnect. “This endorsement strengthens our commitment to a more connected energy future and highlights our project’s critical role in achieving cleaner, more reliable power across borders.”
Pat O’Doherty, Chairman at MaresConnect Limited, commented: “This achievement is a testament to our team’s determination to build much-needed, secure and future-proofed energy infrastructure. With Ofgem’s support, we are closer to bringing this ambitious project to successful implementation and driving substantial economic and environmental benefit for all stakeholders.”
Richard Thompson, Partner at Foresight Energy Infrastructure Partners, also expressed optimism. “Ofgem’s decision recognises the critically important role for private capital in delivering essential energy infrastructure and positions us at the forefront of the energy transition, contributing to the long-term decarbonisation goals of the UK and Europe.”
The MaresConnect interconnector is positioned to address growing demands for clean electricity contributing to Great Britain’s and Ireland’s ambitious decarbonisation targets, delivering long-term benefits for consumers and regional energy stability.
The Commission for Regulation of Utilities (CRU) in Ireland is currently undertaking its initial project assessment of MaresConnect, with public consultation on the CRU’s findings expected in early 2025.
MaresConnect is being developed by MaresConnect Limited, owned by Foresight Energy Infrastructure Partners (FEIP) and Etchea Energy Nominees Limited (EENL).
Ofgem’s Initial Project Assessment of the third Cap & Floor window for electricity interconnectors can be found at this link: Decision on the Initial Project Assessment of the Third Cap and Floor Window for Electricity Interconnectors
