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Dublin: 9 °C Friday 28 November, 2014

Bord Gais Energy to be sold in the next three months

The Government is hoping to bring in around €1 billion from the sale of the company.

Image: Sam Boal/Photocall Ireland

THE SALE OF State-owned Bord Gais Energy is expected to be confirmed by the end of this year, Minister Pat Rabbitte has said.

The Government hopes to get around one billion euro from the sale of the company, which was officially put on the market in May of this year. The move is part of the Government’s agreement with the EU/IMF/ECB troika to raise around €3 billion from the privatisation of State-owned assets.

Half of the money is expected to be used to pay down debt while the Government has said the remainder will be used for job creation measures.

Bord Gais Energy has around 775,000 customers in Ireland. The company is made up of an energy supply business, a gas-fired power station in Cork, a large scale portfolio of onshore wind assets, and an energy supply business in Northern Ireland.

Speaking on the Gas Regulation Bill 2013 in the Dáil today, Minister for Communications, Energy and Natural Resources Pat Rabbitte stressed that the Government recognised the strategic importance of keeping the gas infrastructure network in State ownership.

He told the Dáil that a speedy sale was crucial for the economy.

“It is important to maintain the momentum on the sale process so that proceeds can be reinvested promptly, once available, to ensure an immediate impact on the economy and jobs,” he said.

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