Reform history

**1**.— In this Act—

“Principal Regulations” means the European Communities (Internal Market in Electricity) Regulations 2000 (S.I. No. 445 of 2000).

**2**.— (1) Subject to the grant by the Commission to EirGrid of an authorisation by virtue of section 16(1)(*b*) of the Act of 1999, EirGrid may construct an interconnector.

(*b*) the other provisions of the Principal Regulations which relate to the functions of EirGrid (including its functions as the transmission system operator under those Regulations) shall, to the extent that it is necessary or consistent to do so, apply to its functions under this section.

**3**.— Section 2A (inserted by section 8 of the Energy (Miscellaneous Provisions) Act 2006) of the Act of 1999 is amended by substituting the following for subsection (3):

(4) For the purpose of subsection (3)(*a*), an interconnector constructed pursuant to section 16A shall be deemed to be in the public interest.”.

**4**.— Section 34A (inserted by section 8 of the Energy (Miscellaneous Provisions) Act 2006) of the Act of 1999 is amended by inserting the following subsections after subsection (5):

(7) Summary proceedings for an offence under this section may be brought and prosecuted by the Commission.”.

**5**.— (1) EirGrid may not, without the approval of the Minister given with the consent of the Minister for Finance, acquire, establish or dispose of subsidiaries or invest in other undertakings.

(3) An alteration in the memorandum of association or articles of association of a subsidiary of EirGrid shall not be valid or effectual unless it is made with the consent of the Minister.

**6**.— (1) Subject to the consent of the Minister and the Minister for Finance, EirGrid may borrow money (including money in a currency other than the Euro) by any means it considers appropriate and on such terms and conditions as it may determine for any purposes arising in the performance of its objects or duties.

(3) For the purposes of this section moneys borrowed in a currency other than the Euro shall be deemed to be the equivalent in Euro of the actual moneys borrowed, such equivalent being calculated according to the rate of exchange at the time of such borrowing for that currency and the Euro.

**7**.— (1) EirGrid shall not incur any expenditure for capital purposes without the approval of the Minister.

(2) The total expenditure of EirGrid for capital purposes shall not exceed such sum as may stand specified from time to time by the Minister.

**8**.— EirGrid shall take such steps under the Companies Acts as may be necessary to alter its memorandum and articles of association to make them consistent with this Act.

**9**.— Regulations 59, 60 and 61 of the Principal Regulations are revoked.

**10**.— This Act may be cited as the Electricity Regulation (Amendment) (EirGrid) Act 2008.