At present there are only two interconnectors linking the UK & the Republic of Ireland to the rest of Europe.

In aggregate these links have a capacity of only 3000MW representing less than 5% of existing electricity generation capacity in these countries. However, this level remains low compared to the 10% benchmark proposed by the European Commission and there is strong consensus that this gap should be filled.

In December 2013 The UK government announced that:
Interconnection has the potential to contribute to Government’s energy security, affordability and decarbonisation objectives, including through facilitating the single European electricity market. Government supports an appropriate increase in interconnection capacity through projects that efficiently deliver on these objectives. Evidence commissioned by Government… shows that more interconnection than we currently have is likely to be in GB’s interest. Under some scenarios, GB consumers could see benefits to 2040 of up to £9billion (net present value). It is clear from the analysis that GB’s security of supply would be enhanced by further interconnection, providing that electricity prices reflect scarcity and interconnector flows reflect prices. Interconnection is also one of the technologies that can assist with the integration of further low-carbon generation.

For more information see: here