Joe O'Reilly (Fine Gael)

Section 6 authorises EirGrid to borrow up to €750 million to finance its activities, namely, the establishment of the networks and the North-South and east-west interconnectors. I will be saying in summation later that I welcome the entire project, the establishment of the all-Ireland grid and the possibility of importing and exporting electricity as may be required. Hopefully, we will be exporting power.

I welcome all of that and, as such, have no objection to the granting of the facility for the funding. The Minister for Communications, Energy and Natural Resources said that this was a matter for consideration when it went through the Dáil but I presume some of his deliberations would have passed by now. How does the Minister propose ultimately to finance the interconnectors? This House needs an assurance that it would not affect consumers' ESB bills because there is a threatened increase of 30% in ESB charges and electricity in Ireland which, as I am sure the Minister is painfully aware, are higher than in many other countries. That makes it critical. Would the Minister agree that, if it can be reasonably established by the independent commission and project-related feasibility studies that take cognisance of the flat terrain in Meath and the accessible terrain in Cavan-Monaghan, cabling can be cost effectively put underground in the interest of allaying the well-founded health fears? While we could argue until the cows come home about the justification for fear and the various reports on medical questions and the risk of cancer and leukemia, for the people who live on the proposed interconnector line, the fears are very real.

How does the Minister intend to fund the entire project? Will money be ring-fenced? Can we be assured that the present economic climate will not negatively impinge on it and that consumers will not be victims? Does the Minister accept that if it is practical and can be established as a financially viable option, we should go for the underground option?