The President of the Workers Party, Michael Finnegan, has described the government’s decision to sell Bord Gáis Energy to Centrica and two other multinational companies as an outrage.

Mr. Finnegan said that the decision represented a u-turn on the part of Minister Pat Rabbitte who a fortnight ago announced that the company had been withdrawn from sale as offers had been below the expected €1.5 billion level set by the government. 

“The sale of Bord Gais Energy is another step in the dismantlement of Ireland’s state companies for little or nothing.  The €1.12 billion now agreed sale price is less than half the annual profits of Centrica alone and is a tiny fraction of the amount this government and its predecessors have poured into failing banks in the past few years”, said Mr. Finnegan.

“The money raised by the sale of Bord Gais will make precious little difference to the state’s finances but will take away an important asset from the Irish people.  The real cost will be borne by Irish consumers in terms of higher fuel bills, less secure energy supplies and lost long term dividends to the state.   With Bord Gáis privatised we can expect an increase in disconnections for those in straitened situations and a jump in the very real problem of fuel poverty.  Mark my words, the sale of this and other state utilities will cause more hardship and misery for ordinary people and long term damage to the economy.”.

Issued 12th December 2013