It may lack the immediate appeal of U2 or Guinness, but renewable energy could be the next big Irish export to land on British shores.
The UK is unable to find enough investment to build its own renewable power and, with a target to generate 15% of electricity from green sources by 2020 under threat, Ireland could provide the answer.
If the UK fails to meet its targets it could face hefty fines from the EU – it currently only generates 3% of UK power from renewable sources.
Commenting on the agreement, Ed Davey said:“Trading power with Ireland could increase the amount of green power in our energy mix and potentially bring down costs for UK consumers.
“Making the most of the natural renewable resource available around our islands could benefit the economies of both countries.”
The proposals, which would lead to large-scale on and off-shore wind farms being built and up to 6,000 jobs, were welcomed by Ireland’s energy minister:
“The opportunity to export this green power presents an opportunity for employment growth and export earnings which we must seize if we can,” said Pat Rabbitte.