Saturday, March 29, 2008

ESB to invest €22 Billion in Renewable Energy


ESB to Invest €22 Billion
in Renewable Energy

Very loosly adapted from an ESB press release

The ESB has just announced that it is to invest €22 billion in Sustainable Energy systems. My guess the exercise is mainly about cutting carbon emissions and avoiding EU sanctions as such. The investment will include the installation of so called “Smart Meters” and “Smart Networks”. I wonder if this will include buying back capacity from domestic micro-generation?

By 2020 the ESB hopes to be delivering one-third of its electricity from renewable generation about 1,400 megawatts in all from wind, wave, tidal and biomass generation systems. The other two thirds will come from where??? Oil at $500 a barrel or coal or what??

Their publicity blurb says that “ESB will drive substantial cost reductions in overheads across all its businesses in order to meet its new financial challenges” – to which I say “Yea Right”. More like they will double their pay packets and squeeze the customers for bulk of it!

The blurb goes on: “Strong financial performance and continuing rigorous funding will underpin the investment plan while achieving shareholder and customer value”. What tune does one sing this hymn to?? And - where are the violins?


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