CurrentAccount: The current cold snap is certainly pushing the electricity system to its limits. According to figures released in recent days, the State is currently consuming a staggering 4,537 megawatts of power at peak times.
Considering the system has only been able to provide 4,626 megawatts, its system is barely scraping by. With snow forecast to hit parts of the country over the next few days, staff at the national grid will be calling in favours from all over the place, including from Northern Ireland, which operates an interconnector with the Republic.
Despite the cold temperatures and the rain, the recent weather does not seem to have helped the wind energy sector. According to official statistics from the energy regulator's office wind farms, which get a significant subsidy to feed into the grid, they could only produce a measly 62 megawatts between them. This is not exactly a significant contribution to the national effort.
Firms supporting conventional power like gas, were ecstatic this week at the poor performance of the wind companies, but it promises to be a long winter and the wind could change direction.
Revenue website not an award-winning service
Ask most tax practitioners and they will aver that the Revenue is generally known more for a conservative approach than for innovation. It will come as some surprise then to hear that the tax authority's online filing system ROS (Revenue online service) has just been presented with an award at a European eGovernment conference for being one of Europe's most innovative public services.
Presenting the award, European commissioner for information society and media, Viviane Reding, said: "It is not only providing business and citizens with an easy to use facility but has also allowed the administration to redeploy staff to important compliance and investigative work."
Those comments will inflame tax practitioners who spent last week trying to use ROS to beat the deadline for filing annual tax returns. Current Account feels the accountancy community will hardly appreciate the irony of the award, granted in the "impact" category.
The service collapsed on several occasions over the three days running up to the deadline, attracting demands from the industry for an unprecedented extension. Revenue agreed to give late applicants the benefit of the doubt. Hardly what one would expect of an award-winning operation...
Authority is lacking
A rather empty feeling is emerging from the offices of the Competition Authority with the resignation of its acting cartels director, Ted Henneberry. With Dr John Fingleton now in London and Terry Calvani back in the US, the latest departure leaves but two sitting members, Declan Purcell and Dr Paul Gorecki.
The authority has had staffing problems before, but its past difficulties were blamed on poor resources and insufficient powers. Neither is true any more. The irony is that the authority's money will increase next year thanks to last week's Estimates package and its powers will increase after the repeal of the Groceries Order.
The authority was never known for half-heartedness in its attacks on the vested interests that constrain competition and fair play in the economy. Now there's less than half an authority in place. How the vested interests must be smiling.
French flair for deals
If Current Account learned anything this week, it was that somebody is always making money, regardless of how grim an investment may look.
Unidare proves this point. About two years ago, the firm had a €1 per share price tag that looked expensive. This week, it was touching €3, about four months after shareholders received a €2.40 per share payout from the sale of a subsidiary. And this is as the company prepares to wind itself up, planning to deliver another €2.60 per share payment to shareholders.
If only we all had the vision of Ray French et famille, who bought stock at the €1 level and built up a 10 per cent stake. Wondering where else the French connectionstruck? Try Norish, the cold storage company that should, some think, have been placed in cold storage years ago and which Mr French has a 5 per cent stake.in.
