Mr. Brendan Tuohy:

There are pros and cons for everything. By not owning the assets, the regulator or anybody cannot say that we are trying to enrich ourselves by doing whatever investments we are doing. It is a complex system. There is an infrastructural agreement. Originally, when EirGrid was set up the asset ownership stayed with the ESB as a company. EirGrid oversees the maintenance and specifies it but ESB Networks does a lot of the work. The system is quite complex, as the Deputy has said. From EirGrid's point of view, we own the east-west interconnector. When one takes on board all of the borrowings and everything it is about €400 million. For the Celtic interconnector we have a 65% to a 35% arrangement and, again, that is going to be about €1 billion and then one takes out about €530 million so we are getting a very good deal.

As members will see when EirGrid's accounts are published, it is challenging when one has a very small asset base. As for a lot of what EirGrid does, it is a regulated utility so we cannot pick a price and decide to charge it because everything is governed by the regulator. Should a discussion take place? A discussion should always take place on these issues in the sense that one must keep them under review. Is it critical at the moment? Are we in a position that we need more money? I am only in my post a week and I have not done that analysis. Will I keep an eye on the matter? Absolutely.