Bord Gais Energy bids too low

Pat Rabbitte, Minister for Communications, Energy and Natural Resources, has told Bord Gais that none of the final bids received for its energy business were at an acceptable value.

The minister did not say how much was offered or from whom the offer came.

The Minister noted that the sale process attracted significant interest from a broad range of potential international acquirers, reflecting the positive international sentiment towards Ireland, while noting also that current conditions in the power and commodity markets were not favourable.

“The Minister for Public Expenditure and Reform and I have been clear from the outset of the offer process that Bord Gais Energy would only be sold if a sale price was achieved which fully recognises the inherent value of the business,” Minister Rabbitte said.

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