Michael Colreavy
Question:320. Deputy Michael Colreavy asked the Minister for Communications, Energy and Natural Resources the financial impact to the State from the Bord na Móna - Coillte merger. [29272/15]
View answerWednesday, 15 July 2015
Questions (320)
Written answers
In June 2014, the Government decided to streamline and refocus the commercial operations of Bord na Móna and Coillte, primarily in the bioenergy and wind energy sectors. The decision requires Bord na Móna and Coillte to proceed with a partial merger, by way of a joint venture, in four key areas: wind; biomass; tourism and recreation; and shared services. As the implementation of the Government decision is a matter for both companies, associated costs do not arise for the parent Departments or, consequently, the State. It was envisaged that harnessing the strengths of both companies would result in a financial benefit to the companies and their respective shareholders. While the implementation of the decision is being progressed by both companies, overseen by a Steering Group of senior officials from my Department, the Department of Agriculture, the Department of Public Expenditure and Reform and NewERA, it is too early in the process to determine the full extent of such financial benefits. However based on the information provided to date it is expected that the partial merger will deliver a positive financial outcome for the State on its completion.