Northern Ireland Electricity (NIE) has signed contracts worth £100 million sterling (€160 million) for the construction of an electricity interconnector with Scotland. The interconnector, which will be known as the Moyle interconnector, will link the Northern Irish and Scottish electricity grids. Construction will begin later this year and is due for completion by the end of 2001.

Separately, the company said it had agreed a £100 million loan from the European Investment Bank to part-finance a £235 million investment in the North's electricity network.