Larry Butler (Independent)

I will focus on the energy sector as many of the other sectors of the economy have been dealt with. The energy sector could provide us with a major boost in terms of ensuring extra liquidity into the economy over the next five to ten years.

In terms of energy, we are reliant on imports of gas and oil at a cost of approximately €7 billion per annum, a substantial amount of money. While we are making substantial in-roads in terms of our development of green energy and of reaching our admirable quota of 20% in this regard, we need to ensure greater progress in this area which is part of the smart economy, the greening of our economy and has the potential for job creation into the future.

We will spend approximately €70 billion on gas and oil imports over the next ten years. Our natural resources have been identified and companies such as Airtricity, the ESB and Bord Gáis are changing their approach in terms of the delivery of a greener economy, which is good. A new group, Spirit of Ireland, presents us, through the use of its wind and hydro energy system, with an opportunity to harness 80%-90% of our wind energy as compared to the 30%-35% we currently harness. It is important this is borne in mind. It has been proposed that a station be built along the west coast, which is from where we harness most of our wind energy, as it is a geologically suitable location for hydro systems. This would result in the creation of 2,000 jobs in the early part of construction and design. It would take three or four multinational companies to create that number of jobs. The cost of construction per station would be approximately €1.9 billion, of which we would require four to deliver the energy we need to run the country.

The next issue for consideration would be how we would go about exporting this energy. The Government has not made the decision to be an exporting country of energy. The Soviet Union could at any time decide to turn off our gas, of which we have only six months' supply and in respect of which we have no back-up plan in place. It is important we address these issues. We could, over a ten year period, save ourselves close to €70 billion in Exchequer payments. When one considers that it costs €1.5 billion per annum to service our debts, we would be left with a surplus of €5.5 billion every year. Some 2,000 jobs would be created from the building of only one of the four stations required.

While wind is great, it is, as we all know, intermittent. Currently any wind we harness is fed directly into the system as we have no facility to store wind. The Spirit of Ireland group has put forward a proposal in regard to how we could harness this wind and, in turn, export it. Not alone would we be saving money in terms of not importing energy, we would be making money on exports. It is important we move away from oil and gas energy, of which there is a limited supply. Once we have built these stations, our raw material is free. It is a no-brainer. We must build these stations now.

The retrofit strategy has been a great success, with 6,500 people directly involved. However, it is a ten year plan that I believe should be reduced to a five year plan. In five years, we could employ a further 6,500 people. We have not included double glazed windows in the retrofit plan. There is no point in having a well insulated house with single glazed windows through which 25%-30% of heat will be lost. The installation of double glazed windows will save that percentage of heating. This strategy presents us with an opportunity to increase our workforce. Jobs are important.

It is important that in this budget we identify our strengths in the economy. A recently established solar print company in Sandyford Park has created 80 new jobs in this area. It is a world leader in its field. Another renewable company is currently building a wind energy plant in County Clare, resulting in the creation of 300 new jobs in construction. These new jobs will result in extra taxes for the Government. We can take people off the dole queues and get them working for the country. It is vitally important we do this. Our development lies in the smart economy and energy sectors. If we improve how we do things in this country, in terms of green energy, we can achieve savings of €7 billion per annum? It is a no-brainer. We must do it.