Government sets sale of Bord Gais in motion

The Government has cleared the way for legislation allowing the sale of part of Bord Gais in a move expected to raise at least €1 billion. Half of the proceeds will go toward job creation initiatives, possibly including the National Broadband Plan which will see the government invest €175 million equally matched by the private sector.

A bill setting out the sale of the State energy company – which has revenues of about €1.5 billion – will be published within a week. However, the Minister for Communications Pat Rabbitte has said there will be no repeat of mistakes made with the disposal of Telecom Eireann which led to a stripping of its assets. It is estimated the sale will realise between €1 billion and €1.5 billion and €500 million will be reinvested in job creations schemes.