"An integrated electricity company"... "compatible investor"
The whole lot is worth 8 billion. That's what? Like 1/4 of the debt incurred by Seánie Fitz and his sh!thole bank alone?
Selling Aer Lingus would pay for just one week of interest to be paid on our debt?
It's a joke.
I dropped out of communism class because of lousy Marx.
ESB bit followed the middle classes in trouble.
I noticed that Colm McCarty made it very clear on Prime Time that he didn't think any ESB sell off (or any state asset sell off, for that matter) should take place at the moment on the grounds that it would constitute a fire sale.
Probably the only thing himself and Joe Higgins agree on
Seriously though - what are we going to DO about it???
Treason - what's the penalty? Has it been updated since 1916 or can we go stone him now???
It's all getting a bit restive over at the ESB:
http://www.irishtimes.com/newspaper/...308468983.htmlThe talks ended without agreement after each side rejected proposals put on the table by the other.
Their failure to find a resolution now means that management may not pay profit share and performance-related bonuses due to staff under existing agreements.
As a result, secretary of the company’s group of unions, Brendan Ogle, said yesterday that it has advised management that it is “now in a dispute situation and will consult with their members over the coming period in this regard”.
The ESB group of unions, made up of the ESB Officers’ Association, Siptu, Unite and the Technical Engineering and Electrical Union, said that management intended not to honour the existing agreements, under which there are outstanding payments due from the €340 million profit that the company reported earlier this year.
However, the company argued yesterday that the process was still ongoing
This has flown under the radar. Ye olde bank holiday news dump
http://www.independent.ie/business/i...s-3276046.htmlTHE Government has ordered the ESB to raise €400m by selling power generation assets over the next two years, the Irish Independent has learned.
The order to the ESB board was made just as the latest "troika mission" by EU and IMF officials was drawing to an end. The sale is part of a wider disposal of state assets ordered by the troika.
The latest news comes after the ESB provoked controversy earlier in the week when it reported a huge surge in profits just weeks after hiking prices for ordinary customers.
In an extraordinary development, news of the plan to sell €400m worth of state assets was announced in a note to the bond markets, but was not communicated to the public by the ESB itself or the Government.
Instead, the revelation is contained in an "investor update" for bondholders published without fanfare in a sub-section of the ESB's corporate website.
- Friends of the Irish Environment, 28.04.2003"The land Coillte Teo is now selling for development was given to them by the State in 1988 to ensure that our woodlands were run commercially, not to enable them to sell the family silver to service bank loans".
The investor update states: "The Government has now, in a request communicated to the ESB Board today (October 24, 2012), asked ESB to develop proposals for the sale of some non-strategic generation capacity, with the specific objective of delivering special dividends to the Government targeted at up to €400m by the end of 2014."I can't quite see what potential purchasers get out of buying the power stations.The ESB has 13 major power stations at home and abroad including Ardnacrusha, Moneypoint, Coolkeeragh, Dublin Bay Power, Aghada, Poolbeg, Corby in the UK and Amorebieta in Spain.
Any move to sell power stations could be jeopardised by opposition from unions which have threatened to ballot for industrial action over any disposal of plants employing hundreds of workers.
The UNITE union has vowed to fight any "break-up" of the company.
The €400m target for ESB sales is part of the €3bn the State must raise by selling off assets in order to meet the demands of the troika.
Could it be a sale and lease back agreement where they charge us for the use of these stations for 50 years or so?