I thank Senators for their contributions and particularly for their constructive approach to the debates during the Bill's passage through the House. I emphasise the importance of the energy sector. State investment in energy infrastructure is £5 billion and energy imports represent 2 to 3 per cent of GNP. The final energy demand bill at £2.5 billion is 10 per cent of GNP. Energy policy is important too because energy as an input to industry can significantly affect Irish competitiveness.
The energy sector is a dynamic one where the forces of change are strong. Major developments such as the restructuring of the ESB, the new peat fired power station, the completion of the Ireland-UK natural gas interconnector and EU proposals for the electricity and gas sectors are influencing the shape and structure of the energy sector. This Bill is an important measure remedying a number of defects in existing legislation. It also introduces important new measures. Effective ministerial monitoring of exploration and production as well as safety and the control and prevention of pollution arising from a licence or lease issued by the Minister, will be greatly facilitated. Similarly, the ability of the ESB and BGE to detect theft of electricity and gas will be strengthened through the powers conferred on them as well as by the offences and penalties relating to such theft outlined in the Bill.
One very important measure is the statutory basis provided for the introduction of a system to allow Bord Gáis Éireann to transmit gas owned by another party through its gas network at a price to be negotiated. This marks another milestone in the development of what is still a young and successful gas industry in this country. BGE's customers who are above the threshold prescribed in the Bill for third party access account for approximately 75 per cent of BGE's annual total gas deliveries. A sizeable market is being made potentially available. To enable me to exercise my functions in relation to third party access, my Department is acquiring the necessary expertise and I hope to announce shortly the appointment of consultants to advise me on the charging methodology and other conditions relating to the granting of third party access.
The Bill also provides the statutory basis for an injection of £100 million in equity in Bord na Móna. This is the major part of the £120 million investment approved by the Government. The first tranche of £30 million cannot be invested in Bord na Móna until the terms and conditions specified by the Minister have been satisfied and the investment approved by the European Commission. However, for budgetary purposes, this tranche can be paid this year to a special account and issued from that account when determined by the Minister for Finance after consultation with the Minister for Transport, Energy and Communications.
I thank Senators for their positive approach to the Bill.