Mr. Justin Moran:

I agree. It explains one of the focuses of our research department over the past year. We have more research programmes on floating wind energy generation than anything else. I think we might be doing as much on floating wind energy generation as on everything else combined at this point because there is an enormous innovation opportunity for us in that regard. There are operational floating wind farms in other parts of the world but none that has been developed in the kind of deep water we have off our Atlantic coast.

What is really important to stress to committee members is that, as well as the massive opportunity to innovate and do new designs, we must be able to deliver floating wind energy affordably. That is critical. Offshore wind energy needs to be delivered as an affordable source of electricity to Irish families, businesses and other consumers. We are in an economic competition between the European Union, China and America. Europe has the most expensive electricity, and within Europe, Ireland is one of the most expensive countries for electricity. We really need a focus on trying to bring that down. That is why one of the pieces of work we are trying to do is to ensure that we not only develop floating wind energy, but also identify the best way to develop it at the best possible price for the Irish electricity consumer.