Seán Power (Kildare South, Fianna Fail)

I thank the Deputy for his positive contribution. No matter how enthusiastic we are when we enter the House, the wheels never turn as quickly as we would like, which surprises us. I appreciate his support and acknowledge his contribution. I assure him my colleague, the Minister for Communications, Energy and Natural Resources, will press forward with the project to ensure the benefits the Deputy outlined in the context of competition, security of supply and increased renewable generation will be available in the market as soon as possible. The EirGrid project is proceeding well and we will continue to ensure it is expedited.

A final decision on financing has yet to be reached but, once the process to select a tender is complete, we hope to decide on the financial package for the interconnector. The Bill provides EirGrid with the capacity to borrow up to €750 million but that does not mean all the money will be raised for this project. Consideration has been given to an Exchequer contribution but that decision has yet to be made.

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