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ESB has announced that the company is to embark on an unprecedented
capital investment programme of €22 billion.
The Board of ESB has approved a Strategic Framework to
2020 that will see major company investment in renewable
energy, the halving of its carbon emissions within 12 years
and the achievement of carbon net-zero by 2035.
Fifty percent of the overall investment package is geared
towards investments in the renewables future - €4bn of
this will be directly invested in renewable energy projects
and €6.5bn will be spent facilitating renewables, including
smart metering and smart networks.
The plan, which will establish ESB as a world-class renewables
company, makes emissions reduction and energy efficiency central
to its ambitious targets.
By 2020, ESB will be delivering one-third of its electricity
from renewable generation. This will include over 1,400 megawatts
of wind generation, in addition to wave, tidal and biomass.
To promote this, the company will invest in emerging green
technologies.
The €11 billion to be invested by ESB in its Networks
will ensure continued efficient delivery of the vital infrastructure
needed to support the Irish economy. It will also facilitate
the development of up to 6,000 megawatts of wind on the island.
ESB will maintain its market share of power generation at
well below 40 percent to facilitate continuing competition
in the energy market. Completion of the present closure/divestment
of 1500 megawatts of its stations and sites will assist this
process. ESB will continue to enhance plant availability and
performance in line with EU norms.
ESB will drive substantial cost reductions in overheads across
all its businesses in order to meet its new financial challenges.
Strong financial performance and continuing rigorous funding
will underpin the investment plan - while achieving shareholder
and customer value.
Preparing for competition in the retail market, ESB will
focus on delivering energy conservation and new initiatives
on energy efficiencies.
With the development of a single British-Irish electricity
market by 2020, ESB's international profile will continue
to expand. The company will invest in more generation plants
and renewables in Britain and further plants in Europe.
ESB Chairman, Lochlann Quinn, said the Strategic Framework
to 2020 addresses ESB's response to those major imperatives
now demanding action. "ESB is operating in a dramatically
changing environment. Three overarching concerns now exist
- the consequences of climate change, energy security and
competitiveness of energy supply - and ESB is strong, focused
and prepared to deal with them" - Mr Quinn said.
ESB Chief Executive, Padraig McManus, said the organisation
had demonstrated its ability to execute strategic change in
the past while maintaining profitable growth.
"ESB is now entering a new period of particular challenge
that we embrace with enthusiasm and vigour. This robust plan
will deliver tangible and sustainable results for the economy
as we face global challenges in a coherent and managed way.
It positions us as a leading energy company in Europe" - he
said.
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