Bord Gáis Energy, which employs around 485 people, says it will now engage with the relevant Irish Government departments and other stakeholders to ensure that, when it goes to market, the retail division of Bord Gáis will generate the maximum values for the State.
Earlier today, the Government announced it would be selling Bord Gáis Energy, Bord Gáis’ retail, trading and assets division, as part of its plan to sell up to €3bn in State assets to meet the country’s international bailout. About a third of the sale of the State assets will be injected into job creation, the Government has confirmed.
Yesterday, the Government approved a memorandum put forward by Minister for Public Reform Brendan Howlin on the sale of State assets.
The sale of Bord Gáis Energy will comprise the main element of the Government’s planned €3bn disposal of State assets and companies. Its sale will not include the two gas interconnectors or its gas transmission or distribution systems.
The Government is also planning to sell of some "non-strategic" power-generation capacity of the ESB, while it is also considering selling Coillte assets, but not any of its lands. The Government is also selling its 25pc stake in Aer Lingus.
It has taken a U-turn on its previous plan to sell a substantial part of ESB.
As for the sale of Bord Gáis Energy, Bord Gáis said it would have "no impact" on its customers.
Bord Gáis Energy comprises Bord Gáis Trading and Bord Gáis Assets. Bord Gáis Trading is responsible for the procurement of gas, electricity and carbon on wholesale markets. Meanwhile, Bord Gáis Assets is responsible for the operation and maintenance of existing power generation assets, as well as the development of new assets, such as the company’s wind energy portfolio.
Bord Gáis Energy has about 1m gas, electricity and home services customers on the island of Ireland.
Bord Gáis Networks will remain in State ownership. It develops, operates and maintains the natural gas transmission network in Ireland and provides gas transportation services to suppliers and shippers.
Bord Gáis Energy is based in Dublin, Cork and Belfast and employs around 485 people.