Fergus O'Dowd (Louth, Fine Gael)

The programme for Government commits to the establishment of a NewERA authority as a dedicated entity to oversee investment as referred to in this reply. It is proposed that streamlined and restructured semi-State agencies will make significant additional investments over and above current plans during the next four years in next generation infrastructure in terms of energy, broadband, forestry and water.

Proposals are being developed for the Government's consideration on the formal establishment of NewERA. Intensive cross-departmental engagement is ongoing and I hope to be in a position to set up NewERA within the next three to four weeks. I am committed to ensuring speedy progress is made in this regard. One of the key objectives is the leveraging of additional investment and employment from streamlined and restructured commercial State bodies. The Government has made clear its intention to ensure State companies play a full role in our economic recovery. The energy companies are already engaged in significant programmes of development. We must ensure all the investment programmes of the State companies are cost effective, strategic and subject to rigorous shareholder scrutiny and, where appropriate, regulatory oversight. NewERA will have a key role to play in this regard on behalf of the Government.

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