Dublin South West representative Seán Crowe has said that the Government decision to sell Bord Gáis Energy for €1.1 billion is yet another bad news story for consumers and Irish taxpayers who invested a massive amount of public money in the company.

Crowe said that the sale would also undermine the future potential for the company to become a leading player in the renewable energy market under state direction.

Deputy Seán Crowe said:

“Two weeks ago Sinn Féin welcomed the fact that Minister Rabbitte had rejected an earlier bid as undervaluing the company. In our opinion, this offer undermines the potential value of Bord Gáis Energy. When the sale was first discussed it was conservatively estimated to be worth up to €1.5 billion.

“Had that initial price been realised, the sale would still represent a shortsighted decision given the massive potential facing the Irish energy sector over the next decade.

“Bord Gáis Energy is already a significant stakeholder in wind energy and was poised to further expand its interests in this area. That new area of huge potential will be worth far more in jobs and growth than the monetary sale price, as the proportion of electricity generated by wind increases and expands across the island of Ireland.

“If the previous experience of the infamous Eircom sale is anything to go by and if the current operations of Centrica who control British Gas are any indicator, then Irish consumers will pay heavily for this decision in the future.”

“Behind all the spin, the Government’s decision to sell Bord Gáis Energy is another bad news story for Irish consumers and taxpayers who invested such a massive amount of public money into this company.”

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