Tuesday 16 January 2018

Pat Rabbitte: No bargain basement sale for Bord Gais

Final bids for Bord Gais Energy not at 'acceptable value'

Minister for Communications Energy and Natural Resources Pat Rabbitte
Minister for Communications Energy and Natural Resources Pat Rabbitte

Minister for Energy and Natural Resources, Pat Rabbitte, has confirmed that none of the final bids for Bord Gais Energy were adequate enough for acceptance.

"The position that government has taken from the outset was that we would only sell at fair value," he told RTE Radio 1.

"Unless we got a fair price, we have repeatedly made plain that there would be no bargain basement sale."

"The bids that have finally come through do not make an acceptable price in our judgement and in the judgement of the various advisors – both to the company itself and to the government."

Although the sale process attracted a good deal of interest from a number of potential buyers, the minister was unsatisfied with the bids that were offered.

"We certainly won’t be disposing of a valuable state asset unless we get good value."

However, Minister Rabbitte did acknowledge that the significant interest reflected the increased positive international sentiment towards Ireland.

“The Department and NewERA will work with Bord Gáis to complete the separation of Bord Gáis Networks and Bord Gáis Energy in accordance with EU energy law, to continue investing in and developing the Bord Gáis Energy business and to review options for the future of Bord Gáis Energy,” he added.

The minister declined to comment on the value of the bids made for the energy business.

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