Harney's husband and the coalmine off Bray Head- more exciting energy news.
dublin |
consumer issues |
news report 
Tuesday December 01, 2009 14:31
by Ramon Eyan
Is this what they mean by offshore accounts?
The Department of Transport has issued a notice to mariners to steer clear of an area in Dublin Bay where an exploration vessel is to conduct tests to check the viability of a plan to convert under sea deposits of coal to gas which could be used to produce energy. The tests will be carried out on behalf of a company called VP Power in the Kish Basin, around thirteen miles east of Bray Head starting on December 7th.
VP Power is group of investors who have raised money to fund the testing of the experimental gas-from-coal prospect. Brian Geoghegan, husband of health minister Mary Harney, is one of the backers of the scheme.
The process, called underground coal gasification, is supposed to heat the coal in the underwater rock reservoirs to extract gas which can be used to generate power. The profits from the sale of this energy will pay off the investors with, they hope, a handsome profit.
Some people might wonder why coal off the coast of Ireland is not in the ownership of the people of Ireland, and why a group of rich people are going to reap all the rewards from its exploitation, but those people have not been paying attention to the way resources are handled.
No royalty will be charged on the coal. Only taxes will be paid, but after exploration costs are deducted, so in effect, the taxpayer will be funding the exploitation of their own resources for the enrichment of the wealthy backers of the scheme.
While many criticise this state of affairs, and political groups like the Socialist Party and Sinn Féin are committed to change it, none of the parties which are ever likely to be in government (in the near future) will alter the current situation. Brian Geoghegan used to be Director of Economic Affairs for the employers' group, IBEC, and his wife appointed him the a position in FÁS and went to trips to America with him at our expense. He once even attended the Superbowl on a ticket paid for by the Irish people. People like him are going to benefit from the lack of royalty payment on Irish resources, while social welfare payments are cut.
Still, coal under the sea!
That's exciting isn't it?
http://www.independent.ie/national-news/harney-denies-h....html
http://www.transport.ie/viewitem.asp?id=12041&lang=ENG&...=2344
