ESB Board meets on White Paper

The board of esb discussed the Governments White Paper - Delivering a "Sustainable Energy Future for Ireland" at the April GBM. The Board was briefed by Management on the issues raised by the policy.

Following the meeting the Board welcomed the publication of an energy policy and said it looks forward to helping to achieve the ambitious targets set for renewables, as well as implementing critical strategies relating to the single electricity market, greater north-south and east-west interconnection, fuel diversity and increased competition in the market.

The ESB Board said it supports any policy that has the effect of delivering a safe, secure electricity supply at the most reasonable possible cost to the customer. The statement added that the Board noted that the White Paper is a complex and detailed document, containing proposals that have potentially major implications for the Company.

"A number of these proposals require further exploration," the statement continued. The Board is seeking additional information clarifying how some of the proposed new arrangements might influence the value and commercial viability of ESB in order to fully inform itself of the implications of the White Paper.

The Board expressed its full agreement with the Government's policy of partnership and said it looks forward to further discussions with the shareholders and the Commission for Energy Regulation to thoroughly investigate all aspects of the White Paper.

The statement concluded "Any further comment is predicated on deeper analysis of the white paper's impact on the company and would be entirely inappropriate until that process is complete." The Board intends to hold a special meeting in May to consider these matters in full.