EirGrid, as the State body responsible for the national transmission system, is working to deliver the necessary upgrading and expansion of the transmission grid in the interests of the economy and regional development. I welcome the call by EirGrid's Chief Executive for collective engagement by all stakeholders in meeting the challenges inherent in delivering vitally needed new transmission infrastructure, which is safe, reliable, affordable and sustainable.
I share his view that all stakeholders working together have to find a way to balance overall public good and economic and social policy objective with the concerns of individuals and local communities.
The development of our high capacity grid network is needed to meet overall demand for electricity by business and consumers, to provide the critical infrastructure needed for balanced regional development and security of supply and to deliver on Ireland's renewable energy targets. If we are to achieve the levels of penetration of renewable energy onto the network, major development of the transmission grid is required.
EirGrid is finalising its Grid Development Strategy, which will take a strategic look forward to 2025. The strategy's assumptions around renewable energy generation will be consistent with the All-island Grid Study which showed we could attain 42% of our electricity from renewables by 2020.
I welcome the fact that the necessary legislation to enable EirGrid to construct, own and maintain an interconnector has recently passed all stages in the Dáil and the Seanad. This will enable EirGrid to progress the East-West interconnector project, which is on track to be completed in 2012. The East-West interconnector will support the increased penetration of renewable generation, particularly wind generation, in the Irish market. It will also allow surplus power to be exported to Britain in times of high wind generation.
There are very many challenges ahead. I have every confidence that EirGrid, as the State-owned transmission company, will continue to work in the national interest and in conjunction with all stakeholders, to deliver a sustainable transmission system in support of economic and social needs.