I am very happy to be here today at this investment announcement. It is a significant announcement for the Irish economy and represents a vote of confidence in Ireland by a major multinational energy company.
The €486 million investment by SSE reflects the degree of certainty and confidence in Ireland that we know is valued by many international investors and companies.
Subject to the approval of the Competition Authority this investment will see SSE greatly expand their operations and footprint in Ireland.
I understand that since SSE first entered the Irish market after they acquired Airtricity in 2008 that they have been adding 100 jobs a year to their Irish operations. Their growing presence in Ireland means they plan to add another 100 jobs in the coming year which will bring their total workforce to 900 people.
One of the main positives out of today’s announcement is the commitment to energy construction projects both in Great Island in Wexford and other renewable projects that will sustain 600 construction jobs over the next two years.
These jobs are to be greatly welcomed as we continue to get Ireland back to work.
I have spoken a lot over the past few months about the value of certainty and confidence when it comes to attracting new jobs and investment into Ireland.
Recent decisions by the Irish people prove that Ireland is a country serious about its future and the difficult task of rebuilding our economy and getting people back to work.
I understand SSE is now the third largest energy utility in Ireland, with over €1.7bn invested in Ireland in the last five years. We welcome continued significant investment by all energy companies on the island and indeed the market is always open to new participants.
Secure and competitive energy supply is crucial to Ireland’s attractiveness to future Foreign Direct Investment and is good for consumers and industry. Like other generators, SSE participates in the competitive Single Electricity Market, which has worked well for industry and consumers since its establishment in 2007.
Increased competition in the energy market is good for consumers and industry.
The Government’s Action Plan for Jobs 2012 does have a focus on the green economy and on energy. We will continue to support a strong and independent regulatory environment that delivers tangible benefits to Irish energy consumers and also facilitates increased investment.
We will also continue our bilateral discussions with the UK authorities to explore new opportunities for Ireland to export renewable energy into the UK market in the future. This is an area that could have significant economic benefits for Ireland Inc.
The renewable energy sector has long been held up as a key area where new jobs can be created by taking advantage of Ireland’s natural resources. The Government intends to do what it can to unleash this potential that is positive for everyone.
Finally, I would like to again welcome the jobs created by these projects in Ireland.
I wish these projects and those associated with them all the best for the future.
Government Press Office
press.office@taoiseach.gov.iePh: 01 6194098