Derek Nolan (Galway West, Labour)

I have listened with despair to the level of debate emanating from the Opposition benches. The lack of reason, proportion and deliberate skewing of the facts is unbelievable. The Government has been quite honest about the sensitivity of the part sale of the ESB. In an ideal world, such a proposal would not be on the table, but we are not living in an ideal world. For the Labour Party, this is something we would in other circumstances avoid. That option simply does not present itself at this time. To say otherwise is to deny the black and white requirements of the EU and IMF deal to which this State is legally and contractually bound and is not only dishonest but cynical.

The manner in which this minority sale is to occur offers the best possibility of ensuring a functioning, public service oriented ESB that is efficient, proactive and offers value to the public. It maintains the ESB as an integrated utility, and recognises its strategic importance and crucial role of the energy sector to the economic and social functioning of the State. It follows the Labour Party view that the State must continue to have a strong and direct presence in the electricity market. It follows a defined process involving a full evaluation of the best approach to be taken, including consideration of the size of the minority stake to be sold to ensure the State gets the best value for money from its sale. The process will be carefully progressed and unlike the Eircom privatisation debacle, the minority share sale process will give full consideration to national energy policy into the future and to the regulatory framework. Full and meaningful consultation with stakeholders will take place.

I note how Sinn Féin has used its Private Members' time to present this issue and attach to it the subplot of attacking the Labour Party. I stand here tonight a proud and determined member of the Labour Party.

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