Pat Rabbitte notes that current conditions in the power and commodity markets were not favourable for sale of Bord Gáis Energy
The Minister for Communications, Energy and Natural Resources has said that none of the bids received for Bord Gáis Energy were at “an acceptable value”.
Bord Gáis announced in May that it had started the sale process for its energy unit, which sources said they expected to fetch about €1.5 billion.
Minister Pat Rabbitte said today that the sale process had attracted significant interest from a broad range of potential international buyers, which he said reflected the positive international sentiment towards Ireland.
Buth he also noted 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 Gáis Energy would only be sold if a sale price was achieved which fully recognises the inherent value of the business”, Minister Rabbitte said.
He said the the Department will work with Bord Gáis to complete the separation of Bord Gáis Networks and Bord Gáis Energy in accordance with EU energy law. He also said he will continue to invest in and develop the Bord Gáis Energy business and to review options for its future.
Reports earlier this week said that Blackstone Group and Viridian Group, Northern Ireland’s largest energy company, had submitted final-round bids for Bord Gáis Energy.