Dáil Éireann Debate, Tuesday - 8 October 2024
41. Deputy Ged Nash asked the Minister for the Environment, Climate and Communications when an investment of €750 million will be made in the electricity grid; what the mechanism for placing this funding announced in the Budget will be; and if he will make a statement on the matter. [40063/24]
View answer33. Deputy Ged Nash asked the Minister for the Environment, Climate and Communications the mechanism for the investment of €750 million of receipts from the sale of shares (details supplied) into the electricity grid; when the mechanism for making this investment is; and if he will make a statement on the matter. [40061/24]
View answerI propose to take Questions Nos. 41 and 33 together.
My Department has secured funding, by way of an initial direct equity injection of €750 million, to develop Ireland’s electricity infrastructure and, in particular, to support Phase I of offshore grid development.
This significant equity injection for EirGrid will encourage further industrial investment, facilitate the progression of the digital economy, enable decarbonisation of the broader economy, and enhance our competitiveness. The signalling of the provision of this funding, to expand the capacity of our electricity grid, will positively impact future investment decisions – currently being considered by both indigenous and multinational companies.
The final details of the funding for the Grid under Budget 2025 are currently being finalised.
