A report has issued to the members of Dublin City Council updating them on the Waste to Energy project.

The report will be discussed at the Council Meeting to be held on today, 3rd September.

Members are being updated on the recently announced waste management policy 'A Resource Opportunity: Waste Management in Ireland' and how this and the requirements of EU legislation highlight the continuing need for the Waste to Energy facility at Poolbeg.

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The members are also being advised that significant progress has been made by Covanta on securing project financing for construction of the plant and by Dublin City Council in dealing with the remaining regulatory issues. In relation to the securing of project finance, Covanta and their financial advisors are in the final throes of negotiation with a group of banks. Given the situation with financial markets, the due diligence procedure is far more protracted than heretofore.

For these reasons the Council feels it is reasonable to consider an extension to the decision/commencement date. Every effort is still being made to commence the project before the end of the year but it will be at least four to six weeks before the revised date can be confirmed.

(CD/GK)