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15/09/2011
Govt. To Sell Stake In ESB
The Coalition has confirmed that it will sell a minority stake in the State’s Electricity Supply Board (ESB).
It is has been confirmed that the semi-state energy company will not be broken up. But it is not yet clear the percentage of the company to be sold or how much money will be raised.
The Irish coalition is seeking to draw up €2bn in sales of proposed state-owned assets by the end of the year but its bailout lenders are now urging for more sales.
The announcement follows an earlier claim by Ireland’s Energy Minister, Pat Rabbitte, who said sell-off of state assets would not include the transmission and distribution networks of the ESB and Bord Gais.
Minister Rabbitte has received heavy criticism in the Dail following his announcement that the Government would indeed sell a minority stake in the electricity company.
Sinn Féin Energy Spokesman Martin Ferris has described the decision as an "absolute disgrace" and said: "we’re selling off the State assets one by one. This is the start – a decision taken in principle by this Government to sell one of the most lucrative parts of our State assets."
Meanwhile Fianna Fáil energy spokesman Éamon Ó Cuív said: "the minute a minority share of a State company is sold off, the company’s interest shifts from the national to the shareholders’ interest. Pressure then mounts inexorably to sell more of the company until it is fully privatised."
Minister Rabbitte has insisted, "there is no question of the Government handing over control".
"I have found myself in a position I do not want to be in," claims Minister Rabbitte "but the bailout troika had said Ireland must dispose of some State assets."
It is understood that a defined process, involving a full evaluation of the best approach to be taken and including the size of the minority stake to be sold, will be launched. A report on the findings and conclusions will be reported back by November 30.
Elsewhere the ESB workers have not greeted the news of the sale positively. Those employed by ESB have threatened to go on strike if the sale plan proceeds.
One of the five unions in the ESB immediately announced its intention to fight the proposed sale.
Unite has said it will ballot its members at the ESB for industrial action. Unite Regional Secretary Jimmy Kelly said: "The union does not accept that ESB had to be included in the sale of State assets under the terms of the EU-IMF rescue package.
"ESB workers were not spoiled and want to be treated with respect and have their salaries protected."
The ESB, valued at €4bn in 2009, is considered the state’s prime asset, and a minority stake would be expected to raise several hundred million euro, depending on the size of the stake.
Other assets would have to be sold to reach the €2bn mark, with the state’s holding in Aer Lingus also being considered for disposal.
(LB/GK)
It is has been confirmed that the semi-state energy company will not be broken up. But it is not yet clear the percentage of the company to be sold or how much money will be raised.
The Irish coalition is seeking to draw up €2bn in sales of proposed state-owned assets by the end of the year but its bailout lenders are now urging for more sales.
The announcement follows an earlier claim by Ireland’s Energy Minister, Pat Rabbitte, who said sell-off of state assets would not include the transmission and distribution networks of the ESB and Bord Gais.
Minister Rabbitte has received heavy criticism in the Dail following his announcement that the Government would indeed sell a minority stake in the electricity company.
Sinn Féin Energy Spokesman Martin Ferris has described the decision as an "absolute disgrace" and said: "we’re selling off the State assets one by one. This is the start – a decision taken in principle by this Government to sell one of the most lucrative parts of our State assets."
Meanwhile Fianna Fáil energy spokesman Éamon Ó Cuív said: "the minute a minority share of a State company is sold off, the company’s interest shifts from the national to the shareholders’ interest. Pressure then mounts inexorably to sell more of the company until it is fully privatised."
Minister Rabbitte has insisted, "there is no question of the Government handing over control".
"I have found myself in a position I do not want to be in," claims Minister Rabbitte "but the bailout troika had said Ireland must dispose of some State assets."
It is understood that a defined process, involving a full evaluation of the best approach to be taken and including the size of the minority stake to be sold, will be launched. A report on the findings and conclusions will be reported back by November 30.
Elsewhere the ESB workers have not greeted the news of the sale positively. Those employed by ESB have threatened to go on strike if the sale plan proceeds.
One of the five unions in the ESB immediately announced its intention to fight the proposed sale.
Unite has said it will ballot its members at the ESB for industrial action. Unite Regional Secretary Jimmy Kelly said: "The union does not accept that ESB had to be included in the sale of State assets under the terms of the EU-IMF rescue package.
"ESB workers were not spoiled and want to be treated with respect and have their salaries protected."
The ESB, valued at €4bn in 2009, is considered the state’s prime asset, and a minority stake would be expected to raise several hundred million euro, depending on the size of the stake.
Other assets would have to be sold to reach the €2bn mark, with the state’s holding in Aer Lingus also being considered for disposal.
(LB/GK)
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19 September 2011
Union Warns Against 'Knee-Jerk' Reactions At ESB
A leading trade union has warned that reflex reactions at the State’s Electricity Supply Board (ESB) will play into the hands of the privatisation lobby. The Government has agreed to sell off a minority stake in the semi-state company to meet commitments under the EU/IMF bailout deal.
Union Warns Against 'Knee-Jerk' Reactions At ESB
A leading trade union has warned that reflex reactions at the State’s Electricity Supply Board (ESB) will play into the hands of the privatisation lobby. The Government has agreed to sell off a minority stake in the semi-state company to meet commitments under the EU/IMF bailout deal.
29 July 2014
Govt U-Turn On Sale Of Midlands Power Stations
News that the government has reversed its decision to sell ESB power stations in the Midlands has been welcomed by Fianna Fáil. In October last year the government announced plans to seel two peat-burning power stations in the Midlands despite a previous commitment that it would not.
Govt U-Turn On Sale Of Midlands Power Stations
News that the government has reversed its decision to sell ESB power stations in the Midlands has been welcomed by Fianna Fáil. In October last year the government announced plans to seel two peat-burning power stations in the Midlands despite a previous commitment that it would not.
18 July 2014
More Than 2,500 ESB Customers Without Power
More than 2,500 ESB customers are without power following outages in the south east and south west. The company has said that some 1,700 customers in the Enniscorthy and Arklow areas have been affected, along with around 900 homes and businesses in the Killarney and Bandon regions.
More Than 2,500 ESB Customers Without Power
More than 2,500 ESB customers are without power following outages in the south east and south west. The company has said that some 1,700 customers in the Enniscorthy and Arklow areas have been affected, along with around 900 homes and businesses in the Killarney and Bandon regions.
28 July 2014
ESB No Longer Selling Power Stations
The Electricity Supply Board (ESB) has said it is no longer selling two peat-fired power stations in the midlands. In October 2012, the Irish Government requested ESB develop plans for the sale of some non-strategic generation capacity, with the objective of delivering special dividends to the Government of €400m by the end of 2014.
ESB No Longer Selling Power Stations
The Electricity Supply Board (ESB) has said it is no longer selling two peat-fired power stations in the midlands. In October 2012, the Irish Government requested ESB develop plans for the sale of some non-strategic generation capacity, with the objective of delivering special dividends to the Government of €400m by the end of 2014.
12 September 2011
No Decision On State Asset Sales, Says Rabbitte
The Irish Government must draw up a list of state owned assets by a deadline set by the country’s troika of lenders. Ireland's Energy Minister Pat Rabbitte has revealed that The European Union (EU), the International Monetary Fund (IMF) and the European Central Bank are urging the government to create a list of state assets worth €5bn.
No Decision On State Asset Sales, Says Rabbitte
The Irish Government must draw up a list of state owned assets by a deadline set by the country’s troika of lenders. Ireland's Energy Minister Pat Rabbitte has revealed that The European Union (EU), the International Monetary Fund (IMF) and the European Central Bank are urging the government to create a list of state assets worth €5bn.
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