A year ago, Ireland’s chief executive, Simon Coveney, promised a “more open, less controlled” company to compete in a global economy.
It was a promise that didn’t come to pass.
Coveneys chief executive officer, Simon Cowan, announced a new plan to change the culture of the company that he called a “business license”.
Covenes chief executive announced he would close down two businesses.
The government announced it would be laying off 4,000 staff.
There were calls for Coveny to be sacked.
The Irish economy is in its deepest slump since the 1930s.
And for many, the changes were too little too late.
In this piece, we look at the past, present and future of the Irish government’s plan to close down three firms that have been involved in the construction and manufacturing of the countrys electricity grid.
Read more from The Irish News on this story.
The two businesses, Nucro Power Group and RTE, were run by two of the four members of Coveness executive team.
RTE was a power supplier in the south of the island, while NucrePower was a subsidiary of a company called Fincantieri.
Fincanta is one of the largest companies in Ireland.
Fucrei was founded in 1946 and has a turnover of around €40 billion.
It has been the main supplier of electricity in the country since the early 1980s.
Foceti is a company run by an Italian, Mario Calabrese, who has a lot of experience in the energy sector and is a key member of the government.
A company called RTE’s chief financial officer, James Riddell, was appointed to head the new company in 2013.
While Nucrro and Fincanto are part of the electricity network, there are other companies that supply the electricity grid as well.
They include Meechtar and Cintra, as well as a company owned by a businessman called Cllr Cllc Michael McConville.
According to the government, these three companies will be closing down in the autumn.
The two will be the last to be closed down, according to the Irish Energy Minister, Leo Varadkar, who said he would seek to find a new company to take over.
It is not yet clear who will take over the companies, as the new owners have not been identified.
It is possible that the new government will sell off the companies to foreign investors, as it did for the construction of the Lough Erne nuclear plant in the north of Ireland.
The companies were created in 2011 when the country declared bankruptcy.
The collapse of the economy caused a deep economic crisis that has lasted for four years.
The Government has set up a panel to assess whether the companies are fit to continue operating.
However, it has yet to provide a firm timetable for the closing down of these companies.
The State, in a statement, said that it was working with Finca, the company involved in building the nuclear power station in Co Meath, and the Irish Electricity Authority to provide further information about the company and its operations.