Oireachtas Joint and Select Committees

Wednesday, 23 March 2022

Committee on Budgetary Oversight

Pre-Stability Programme Update Scrutiny (Resumed): Central Bank of Ireland

Photo of Seán CanneySeán Canney (Galway East, Independent) | Oireachtas source

On the cost of living, Dr. Cassidy spoke about energy in terms of security of supply and having independence. The way we are developing our offshore energy is way of track in the sense that, even with the announcement this week that seven projects may start the process of seeking planning permission, we probably will not see anything produced from that until 2028 or 2029. Given the emergency and our reliance on outside supplies of energy, should we put in place emergency measures in the interim to ensure we can fast-track projects to deliver the green energy we all crave?

A good example of a project that has gone pear-shaped is the Derrybrien wind farm located in my constituency. The ESB has now decided to decommission 70 wind power generating turbines because planning permission was not correct and the ESB has been told by An Bord Pleanála that substitute consent will not be given. This decision flies in the face of what we are trying to create, namely, a secure green energy supply for the country. Should we look at how we spread our resources around the country in terms of providing infrastructure, public transport and rail networks so that we can have connectivity, get people off the roads, out of their cars and into trains and have better options for people, including people who live in rural areas? That is why people in rural areas are more affected by the inflation we are currently experiencing.

Fiscal rules were mentioned. Does the Central Bank believe the fiscal rules that were relaxed during the recession should continue to be kept off the agenda until we see how the situation in Ukraine pans out?

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