ESB OPENS €360M AGHADA POWER STATION - Today sees the official opening of the ESB's new gas-fired power station at Aghada in Co Cork. Running in tandem with existing capacity, it means Aghada is the country's largest electricity generator in the country. The station, close to Midleton, now has the capacity to generate 963 megawatts of electricity. 80 people will work in the new station.
The ESB chief executive, Padraig McManus, says that the new plant is one of the most efficient in all of Europe and cost €360m to build. He says the challenge for all energy market participants is to deliver clean, safe and cost-effective electricity to customers. The Aghada plant, built by one of the world's leading engineering companies, does all of this, he adds. Mr McManus also promises the ESB will be competitive when the regulator lifts restrictions on the company from early next year. He says that while he can not detail the savings ESB customers can expect, the savings will be substantial.
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ANONYMOUS DONATION OF €500,000 FOR CASH STRAPPED BUSINESS STUDENTS - An anonymous donor has offered half a million euro over five years to sponsor graduates to undertake a Masters at UCD's Michael Smurfit Graduate Business School. The 'Aspire' scholarships will fund up to 60 students to the tune of half their tuition fees, who otherwise would not be able to afford to study.
Professor Tom Begley, Dean of UCD Smurfit School, says the generous donation is very good news for the economy as a whole. He says the business school is looking for bright, astute and enthusiastic students who best represent tomorrow's business leaders. A press and online advertising campaign is to follow in the coming weeks to promote the scholarships further. Applications must be submitted through www.smurfitschool.ie/aspire2010 and closing date for entries is Monday June 28.
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MORNING BRIEFS - Much attention will focus on the banking sector this week as two reports into the near collapse of the industry are delivered to the Government and the billions and billions the rescue has so far cost. The first report by former International Monetary Fund experts was sent to the Department of Finance over the weekend; the second, from the Governor of the Central Bank, on failures by the regulator is due to be delivered today. Both reports expected to be published towards the end of this week or shortly after
*** AIB has no comment this morning on reports in a French newspaper that both BNP Paribas and Société Générale are interested in buying its 70% stake in Poland's Bank Zachodni. The paper suggests that BNP is best placed to secure the business.
*** On the currency markets, the euro is worth $1.2308 cents and 84.94 pence sterling.
