Mr. Geoffrey Meagher:

I remind the members that I am but five weeks in my role so I may have to revert to them on some of the questions. I will deal with some of them as I go along.

Deputy Eamon Ryan asked a question about biomass in the United States. A number of people asked the same question in different ways. My understanding is that biomass represents an alternative form of energy production that makes considerable sense. Bord na Móna's intention is to get as much raw material as possible from Ireland. Currently, however, not enough raw material is becoming available here. That is the reason there are imports.

With regard to the plant in the United States, this is a matter that Bord na Móna has examined. No decision has been made on it. Nothing has been done in regard to it and no proposition has been made to the board.

As I mentioned earlier, our wish is to obtain an increasing amount of material from Irish sources. If this is achieved by using some of our own lands for growing willow or for other forms of production, I will be all in favour of it. As I understand it, various trials are taking place in this regard. Therefore, I have no issue whatsoever about producing a home-grown product wherever we can and minimising imports.

On Deputy Eamon Ryan's point, there is no decision on a biomass plant in the United States. It is certainly a matter that was examined but there is no decision. Nothing has come back to the board. Obviously, if something is to be done, it will have to come back to the board in due course. That is the current position.

A question was asked about the exportation of moss peat. This relates to the horticulture business. As Deputy Brian Stanley knows better than I do, there are two sides to that business, namely, retail and supplying products to professional gardeners.

On the retail side, about 80% of our product goes to the UK market and the balance is used in the home market. At the time, the proposition for White Moss Horticulture was recognition of the challenges associated with Brexit and sterling. The concept was that if we could export a certain amount of product to the UK, have further processing there and then sell on to our customers in the UK, effectively we would have a natural hedge in terms of currency and sales. It made sense in theory. As Deputy Stanley pointed out, this business in the UK ran into difficulties, however. The €14 million referred to by the Deputy was a write-down of the value of the purchase in light of the performance of the business. I have visited the White Moss business in the UK and it is making progress in sorting out the regulatory issues associated with it. There is no doubt the horticultural business will be challenged. It needs to address innovation and market diversification. Depending on the UK market, as well as where sterling is at the moment, these will be a severe challenge for the business. The Deputy referred to effectiveness and efficiencies which could be pursued. That is a valid comment. We need to address effectiveness and efficiency in order that we can compete. Unless we are commercial and efficient, we will be struggling with the business. There is a fair challenge to get that right. The team are on it and, hopefully, that will continue.

I have visited the Kilberry plant and it is a fine plant. On the price of carbon, I must plead the fifth amendment to some degree on it. In terms of investment, for anything one has to pay, one has to include that as part of the cost of the investment. It does not matter what it is. If one is paying cash for something, one must recognise that as part of the cost of the investment. Other than that, that is as far as I can go to clarify this.