merrion street

CHECK AGAINST

Thursday 26 July 2012

Introduction

I’m absolutely delighted to be here today to mark the 85th anniversary of the ESB.

In these uncertain times it is right that we remember we honour  the courage the bravery   and above all the heart and imagination of the men and women who built the Irish State and developed its economy.

Because those too were uncertain times.

And as their descendants  both politically and by family itself  today we are witnesses to their conviction  their endeavours their success

85 years from now there will be other people remembering this generation’s difficulty

We make the tough decisions today to guarantee their better future.

There’s something about Ardnacrusha

At school  it signified the power of nature but also the good judgement and sense of those who decided to harness that power for the good of the State.

Those black-and-white images in the textbooks communicating an innate power that managed to revive  even rescue  the dullest, November afternoon.    

Ardnacrusha links our past and future.  And because it does I’m delighted  privileged  to be here today in the company of former Taoiseach Liam Cosgrave.

Liam, your father, WT Cosgrave, a patriot, made the brave decision to harness the power of the river Shannon to produce electricity for the Irish people.

What a legacy they have left us with … one that makes us justifiably proud … both as a nation and as a people.

I know that this place   this piece of innovative engineering  holds a special place in your family history.

Your father brought you here on that Monday for the official opening ceremony.

A man who was making his country’s history determined his young son would be witness to it.

That boy would go on to be Taoiseach himself and to be the Guest of Honour at the 50th anniversary in 1977.

By being here today, Liam, you are the living link between the Cosgrave family, Irish economic growth and Irish energy.  

At the official opening .a big day for a small boy  you might have met John J Murphy the first Chairman of the ESB .who was Michael Collins’s financial advisor in the Treaty negotiations and the cousin of another patriot  Tom Kettle.  

It’s a testament to our politicians, to our statesmen and to our public servants of that time . that they secured Ireland’s future a peaceful and democratic future   where we would go on to become a Republic  

For me  Ardancrusha remains a powerful symbol of the bold thinking of these men and women  of their passion for their country   their determination not just to effect radical change in Ireland  but to be that radical change.  

Shannon Scheme

The Shannon Scheme, as it was called, was constructed by Siemens of Germany for the then enormous sum of £5.2 million.

With an additional amount of £600,000 paid in compensation to landowners.  

I would remind you that this was in 1925.

To put these figures into context - that amount would have represented around a fifth of the Government’s budget.

A brave and wise decision to invest such a sum for Ireland’s future.  

It was a great success and today Ardnacrusha still does its bit for the electricity system.  

Indeed, the ESB’s first power station, and Ireland’s largest river hydro-electric scheme, paved the way for the social, economic and industrial development of Ireland.

ESB – Past & Future

Since then, the ESB has played a central role in the development of the Irish economy.

Secure, safe and reliable energy was an engine of economic growth and modernisation.

It worked to bring new foreign direct investment and jobs into Ireland over the years.

Since then, the Irish economy has grown and modernised.

Our joining the EU saw our economy transform, marking a seminal moment for our energy industry.

Recent years has seen new public and private entrants into the energy market, the deregulation of markets, and the huge increase in investment in energy infrastructure across the State.

We are no longer a lonely island on the edge of Europe.  We are a gateway to the European markets.

The soon-to-be-completed East – West interconnector between Ireland and the UK will be the first major physical manifestation of an emerging, single European energy market.

This will present new challenges and opportunities for Ireland, and the ESB.

As we open this new chapter of energy policy the Government has made a number of recent reforms to ensure that Ireland remains competitive and secure as we move into a bigger European market.

NewERA will ensure that there is a coordinated approach to future development and investment.

I expect Government will make further reforms as NewERA functions are placed on a statutory footing.

NewERA Investment via State Enterprises

Our energy infrastructure is as important today for the economy as it was 85 years ago.  

We need to continue to invest smartly in utilities at a time of tough funding challenges.

In response, the Government’s NewERA plan for assisting State enterprises in funding new infrastructure off the Government’s balance sheet is a vital part of our economic development.

Also, last week the Government published a Policy Statement reaffirming the need for the development and renewal of our energy infrastructure.

Our ability to rebuild the economy  deliver regional development, create jobs and growth   realise the economic potential of our renewable energy resources … depends on significant, energy infrastructure.  

We have mandated the State-owned Networks Companies to deliver the State’s network investment programmes in the most cost-efficient and timely way possible - in the interests of all energy consumers.

Economy

The Government is continuing to work to restore the competitiveness of the Irish economy after losing our way in recent years.

Last week we published the second quarterly progress report for the Action Plan on Jobs, with commitments for Quarter 2 over 93% complete.

We also announced a stimulus package using funding from a range of sources to develop further capital projects, and to supplement exchequer capital spending plans.

The continuing scale of the challenge is obvious - unemployment remains far too high.  At every opportunity we have been working, at home and in Europe, to progress more pro-growth policies and to devise innovative investment plans.

Europe itself is moving to our jobs and growth agenda. They’re playing our song.

Conclusion

I can assure you that my Government will do everything it can to match the conviction, confidence and vision of the Government led by WT Cosgrave

In conclusion, I would like to thank Lochlann Quinn and the ESB for inviting me here today.

I congratulate and thank all the staff  and former staff  of the ESB for their work and commitment over the past 85 years.

Enjoy the celebrations!

End

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