Michael McNamara (Clare, Independent) | Oireachtas source

I want to give the Minister time to respond. He has talked about Ireland's energy transformation. He and I are both admirers of the Shannon hydroelectric scheme and the bravery displayed by the new State at that time to meet Ireland's energy needs. We were completely reliant on imported energy at the time. We are not completely reliant on it now but we are almost completely reliant. The Irish Free State at the time was almost completely reliant on imported energy. The Shannon hydroelectric project was achieved by spending 20% of Ireland's GDP and using international technology that was available at the time through Siemens.

The Minister is steadfast that offshore energy remains our hope and great panacea. Towards the end of last year, one of the big players in the market left Ireland. Industry sources say that company was distinctly unimpressed by our regulatory and planning regimes. Only last week, Shell left. Ardnacrusha could not have been built without Siemens. I do not think that anybody thinks that offshore energy off the west coast and floating turbines can be used without some of the major players in the industry, but they are leaving the market.

This State spent 20% of its GDP to bring about a situation where we were energy self-sufficient. Only if we are self-sufficient can we actually deal with the cost of energy because we have very little influence over the cost of what we import and must pay the going rate. Some €4.3 million was announced to establish the maritime area regulatory authority, MARA. That is in the context of a GDP of €460 billion. Of that, €4.3 million is all I can see allocated to tackle long-term energy costs. There is a lot in the budget about helping businesses and households to meet the costs of here and now. We are all told that money may not be available next year. We do not know if it will be available. We do know that energy costs have gone up and are likely to stay up for some time. Am I correct in saying that €4.3 million is all that is being spent in this budget to meet long-term strategic goals?

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