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Colreavy describes Bord Gáis sale as betrayal

12 December, 2013 - by Michael Colreavy TD


The Sinn Féin spokesperson on Energy Deputy Michael Colreavy has described the government decision to sell Bord Gáis Energy as a betrayal of the massive amount of public money invested to date, and of the potential for the company in the future to become a leading player in the renewable energy market.

Deputy Colreavy was responding to the announcement that the company will be sold for €1.1 billion.

Deputy Colreavy said. “Two weeks ago I welcomed the fact that Minister Rabbitte had rejected an earlier bid as undervaluing the company. This offer still under values Bord Gáis Energy as when the sale was first mooted it was estimated that the company would be worth up to €1.5 billion.

“But even had that price been realised the sale would still represent a shortsighted decision given the massive potential facing the Irish energy sector over the next decade. Bord Gáis Energy is already a significant stakeholder in wind energy and is poised to further expand its interests. That will be worth far more than the sale price agreed as the proportion of electricity generated by wind increases.

“It also represents a betrayal of the public investment that helped to make Bord Gáis Energy such a successful operator. If the Eircom sale is anything to go by, and if the operations of Centrica who control British Gas are anything to go by, then Irish consumers will pay heavily for this decision in the future.”

ENDS

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