Barry Cowen: Sell the ESB and invest in our future energy | Business Post

‘The idea that we could have a brand new industry the current size of the Irish economy off our shores in three decades time is exciting and challenging.’ Picture: Getty

In my own view, the public expects its government to do good on housing, on childcare costs, on health and education, on climate change, on energy, on a just transition to new ways of living and working and on unification of the island. As I have said before in the Dáil and in media commentary, I have some deep concerns about the ESB. In the first half of 2021, while businesses throughout the country struggled and hundreds of thousands of people fought to survive on the PUP, the ESB announced an increase in operating profits by €114 million. Before exceptional items, its operating profit was €363 million.

The European Commission will now ensure that ESB is properly overseen and regulated. At this point in time, as EU regulation will ensure a functioning company and market for the consumer, I do not believe it is in the state’s interest to continue to own the ESB. It has served a useful purpose over the decades and has been an asset for the state. But the time has come to have a debate on its ownership.

We cannot allow ourselves again to be in this situation where we lack energy security. There is enormous potential to be gained from offshore wind development in Irish coastal waters. One gigawatt will power 750,000 homes. There is 15GW of wind power off the south and east coasts, mainly for fixed-bottom turbine projects. Off the west coast, there is at least 30GWs available and over time 100GWs could be achieved mainly through floating turbine projects.

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