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Pat Rabbitte TD, Minister for Communications, Energy and Natural Resources, has confirmed to Bord Gáis that none of the final bids received for its energy business were at an acceptable value.

The Minister noted that the sale process attracted significant interest from a broad range of potential international acquirers, reflecting the positive international sentiment towards Ireland, while noting also that current conditions in the power and commodity markets were not favourable.

“The Minister for Public Expenditure and Reform and I have been clear from the outset of the offer process that Bord Gáis Energy would only be sold if a sale price was achieved which fully recognises the inherent value of the business”, Minister Rabbitte said.

“The Department and NewERA will work with Bord Gáis to complete the separation of Bord Gáis Networks and Bord Gáis Energy in accordance with EU energy law, to continue investing in and developing the Bord Gáis Energy business and to review options for the future of Bord Gáis Energy” The Minister said.