03/20/2015 10:43 EDT | Updated 05/20/2015 05:59 EDT

P.E.I. welcomes $50 million federal commitment to undersea power cable project

CHARLOTTETOWN - Prince Edward Island's premier is welcoming $50 million in federal funding for proposed undersea power cables that would connect the Island to New Brunswick.

The funding was announced today in Summerside.

Premier Wade MacLauchlan says the province will cost-share in the project, with funding details to be announced soon.

MacLauchlan says he will meet with federal officials in Ottawa on Monday to discuss the project, which is expected to begin by the fall of 2016.

The government says the existing connection of two 100 megawatt lines is almost 40 years old and needs replacement.

It says a new 360 megawatt connection would provide customers with electricity security and the province with more flexibility for power purchase agreements.