Capital expenditure by TEAM Aer Lingus is a matter for the board and management of the company and it would not be appropriate for me, therefore, to commission a study or retain consultants in that regard.
I understand that TEAM Aer Lingus's planned capital expenditure is modest and will be confined to essential items only.
The proposal to construct a new 120MW peat-fired power station in the east midlands is based on a feasibility study commissioned by Bord na Móna which shows the project to be economically viable within certain parameters. The new station is included as an energy measure in the Economic Operational Infrastructure Programme for Ireland 194-1999, as approved by the European Commission in July 1994.
The capital cost will be in the region of £90 million (1993 prices) and £21 million in EU financial assistance has been sought towards the project. At the request of the European Commission a socio-economic cost benefit analysis has been completed. Such an analysis is standard practice for all major projects. The analysis was conducted by an independent firm of consultants, National Economic Research Associates (NERA), whose appointment was approved in advance by the EU. The Commission has now received the full study and its formal decision on funding is expected shortly.
