The plans will now go on public consultation for a period of 8 weeks for interested parties to get more information.
The Shannon options have faced opposition from community and environmental groups along the river including in North Tipperary while Bord na Mona is backing one of the four proposals – to create a reservoir on the Laois Offaly border using water from Lough Derg.
However, there is concern that if this plan goes ahead it will affect the water levels in the lake, which are quite low at the moment leading to a series of rescues from boats in recent weeks.
But Head of Asset Strategy with Irish Water, Jerry Grant, says the Lough Derg option is viable.
However he says that no definite decision has been made about taking water from Lough Derg to supply Dublin.
Jerry Grant says any local concerns will all be taken into account in the coming months before a firm decision is made