Eamon Ryan sought to halve ESB's dividend to State to allow more investment in renewables

Eamon Ryan's submission said: “Note that at the current gas and carbon price, the delivery of more renewables directly saves the consumers and taxpayers of Ireland significant costs.” 

Environment Minster Eamon Ryan wanted to cut in half the dividend being paid to the State by the ESB so that the company could re-invest its profits in energy infrastructure and renewables.

However, he was told there could be “possible reputational issues” if ESB was seen to cut its dividends with a risk of a “negative outlook” from credit rating agencies. This created a risk the electricity supply company would face a “negative impact” in trying to finance its existing plans for investment.