Vol. 397 No. 6
63 Mr. Bell asked the Minister for Energy if he will make a statement regarding the extent of activities carried out by the ESB in areas other than electricity generation; if he is satisfied with the success of those activities; and if he will make a statement on the matter.
The Electricity (Supply) (Amendment) Act, 1988 allows ESB to set up and engage in subsidiary companies and embark on a wide range of new activities through wholly owned or joint venture companies. This enables the ESB to employ its extensive management and technological expertise in the development of profitable subsidiary companies to exploit commercial opportunities which arise outside of its core business of electricity generation. The ESB is now active in consultancy services throughout the world, fish farming in Ireland and financial services at home and abroad.
With regard to the performance of the subsidiary companies, the indications are that these activities are doing well, given that they are, in the main, start-up businesses and that 1989 was their first full year of operations.
The ESB's appliance sales business continues to do well and is likely to show further improved profits for 1989.
