Vol. 554 No. 5
122 Dr. Upton asked the Minister for Communications, Marine and Natural Resources the amount being sought by the Government as a dividend from the ESB from its profits in 2002; the reason this level of dividend is being sought, especially having regard to the fact that domestic consumers will face an increase of 13.25% in electricity charges; and if he will make a statement on the matter. [17042/02]
The operations of State companies are increasingly taking place in the context of liberalised competitive markets and they are also increasingly engaged in activities outside their core businesses. In these circumstances, it is appropriate that they pay dividends to their shareholders out of their profits. The ESB dividend for 2002 will fall to be determined by the board, in consultation with shareholders, before finalisation of the accounts for the year. An interim payment of €20 million based on the company's half yearly profits for 2002 was recently declared by the board. While the Commission for Energy Regulation allows reasonable returns in the regulated segment of the ESB's business, there is no direct link between the commissioner's recent decision and the ability of the company to pay dividends.
