Partners Group has increased its stake in the proposed Greenlink electricity interconnector project to become a 100% shareholder in the company.
Greenlink will use a subsea high-voltage direct current (HVDC) cable system to connect the power markets of Ireland and Great Britain.
This aims to improve the security of electricity supply in both countries and reducing average electricity costs for consumers.
It will stretch approximately 190km underground and under the sea between County Wexford in Ireland and Pembrokeshire in Wales.
Partners Group is acquiring a 51% stake in Greenlink from Element Power, an independent renewable energy developer, meaning that Greenlink Interconnector Limited is now entirely owned by Partners Group on behalf of its clients.
Electricity price and carbon tax increases “couldn’t come at a worse time” according to Sinn Féin.
As electricity price increases kicked in last week and carbon tax hikes land next month, Senator Lynn Boylan is calling on the government “to do more for people struggling to pay their bills”.
It was announced in Budget 2021 that the carbon tax on fuel will increase by €7.50 from €26 per tonne to €33.50 per tonne – this increase has applied to auto fuels since October, and will now apply to solid fuels from May.
‘The stakes are high when it comes to energy poverty’
Senator Boylan published a report on energy poverty in January, which showed that people “are already put to the pin of their collar”.
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BORD Gáis Energy is to offer householders that have had smart meters installed free electricity on one day each weekend.
The move comes as Pinergy, which offers energy through a pre-paid metering system, is to increase electricity prices by 4.2pc from April 1.
It will add €53 to the annual cost for a typical household.
Last week SSE Airtricity said it was increasing electricity prices by 6.2pc from April 1. It will add €63 a year to the average bill. Gas going up by 4.5pc, adding €32 to annual bills.
Bord Gáis is to offer a deal to customers who have had smart meters installed.