In January of this year the UK Secretary of State for Energy and Climate Change Mr. Ed Davey MP and I signed a Memorandum of Understanding on energy cooperation. That Memorandum sent a strong signal of our shared interest in developing the opportunity to export green electricity from Ireland to Britain and will result in completion of consideration of how Irish renewable energy resources, onshore and offshore, might be developed to the mutual benefit of both countries. An agreed programme of work to this end, including a full technical and economic analysis, is underway with the ambition to settle on an Inter-Governmental Agreement in early 2014. A key objective, from an Irish Government perspective, is to realise the potential for investment, jobs and growth.
The amount of energy to be procured by the UK and the mechanisms for sharing the resultant economic benefits, including an appropriate return to the Exchequer, are among the matters to be addressed ahead of signing any Inter-Governmental Agreement.