Legislation to facilitate the sale of the power generation and customer supply business of Bord Gais is being introduced in the Dáil this afternoon by the Minister for Communications Energy & Natural Resources, Pat Rabbitte T.D.
The legislation makes it clear that the gas network infrastructure including the gas interconnectors between Britain and Ireland will remain in State control.
Explaining the purpose of the Bill Minister Rabbitte said, “We are obliged through our agreement with the Troika to raise funds through the sale of State assets. The transaction which will be facilitated by this bill will make an important contribution to that process and will free up money which we will be able to invest in the Irish economy to promote jobs and growth.
“The legislation sets out how BGE’s networks business and energy businesses will be restructured, so that the energy division of the parent company Bord Gáis Eireann can be sold, as agreed by Government in February 2012. It also confirms that the networks business may not be sold by BGE and ensures that BGE is compliant with EU requirements for State owned gas network companies. The law will also facilitate the State owned Company implementing the Irish Water project.”
A copy of the Bill and the Explanatory Memorandum can be found at the following link: http://www.oireachtas.ie/viewdoc.asp?DocID=24242&&CatID=59