Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

PCIs are projects of common interest. In terms of the policy objective of realising the completion of the internal energy market, a great deal of it has to do with network codes and such issues, but obviously the physical infrastructure is important. If all of the legal regulatory and other work can be done in respect of concluding the objective of an internal energy market, we then have to get on with the business of how to connect the continent and the member states in terms of physical infrastructure. There is an amount of finance available under the recent budgetary conclusions for the financing of, or financial assistance with, projects of common interest between member states and so on.

The North-South interconnector between Meath and Tyrone has been designated a project of common interest. That is an example of what I am talking about. Whether it will qualify for funding is a separate issue, but it is a project of common interest. Let me give another example. If we were building the interconnector again between Wales and north Dublin, that would be the kind of thing that is envisaged in terms of the Deputy's question on what are the projects of common interest. There are much larger physical interconnector projects in other countries and between member states. In terms of the domestic scene, I have given the best example that I can give to the Deputy.

When we held the Presidency of the Council of the European Union, at our informal energy Council in Dublin, we put on the agenda the issue of unconventional gas and oil and other technologies. Since then, there has been a debate going on in the European Union about the issue. The Commission has issues and some thoughts on it, mainly from the point of view of the competitiveness implications of what has happened in the United States. The price of gas in the United States has dropped dramatically, and obviously that has implications for European industry and competitiveness. There is no prescription being handed down. A number of member states are doing what we are doing here, as the Minister of State, Deputy O'Dowd, will tell the committee, in terms of asking our Environmental Protection Agency to carry out a thorough examination of the technology and its safety and assess whether there are environmental risks and all of that kind of thing. We have managed to put together and provide a great deal of money to carry out the study, which is under way. I am sure the Minister of State will answer any particular questions that Members may have.