Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

Deputy Moynihan is correct in that market conditions are affected by various developments, not least the shipping of cheaper coal into Europe by the US as a result of the revolution in prices therein arising from the exploitation of shale gas. This is just one of the factors affecting gas market conditions to which the Deputy referred.

Deputy Colreavy raised a comparison with Eircom. We learned from the mistakes made in that case and we have retained the networks in State ownership. In the case of Bord Gáis, there is a parent company and essentially three subsidiaries, those being the networks company, the energy business and Irish Water. They are under the umbrella of Bord Gáis Éireann. All three are prospering. Irish Water will be a significant company in its own right. The legislation that we completed last week has the energy business as a stand-alone company, stripped out from the networks. If someone comes along and makes an offer that the Government believes is value for what is being purchased, we will consider it because of the agreement entered into with the troika and so on. Just in case anyone fears that there will be a fire sale or a sale of any State asset at a bargain basement price, it will not happen.

Deputy Colreavy is right in stating that the energy business of Bord Gáis is thriving. It will continue to expand and is providing valuable competition. It will not be impeded in the slightest by the fact that it constitutes a separate energy company in BGE's stable, like Irish Water and the networks company.

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