O’Donoghue prepares ESB for privatisation

THE ESB could be fully prepared for privatisation by 2005 its chairman Mr Tadhg O’Donoghue disclosed yesterday.

In it’s annual report the company show a turnover of €2.040 million for 2001 and reported a profit of €164m an increase of €134m on 2000.

He believed a minimum of two years would be needed to prepare the company for any such move but said it could be done quicker if necessary.

And he was convinced that because the energy market was down in the doldrums at present it was unlikely there would be a takeover bid on the horizon.

However Mr O’Donoghue said that for the first time ever the Government would be securing a dividend from the company.

Negotiations were already taking place with the Government and a €20m offer was already on the table from the ESB. The talks are ongoing.

Chief executive Padraig McManus said the company had reduced its workforce from 13,000 in the 1980’s and was now heading for a leaner staff of 6,500.

He said last year they continued to facilitate the opening of the electricity market and connect record numbers of customers.

“We also agreed a major programme of change to work practices and efficiencies with our staff which has given us a major platform for future developments” said Mr McManus.

Borrowing decreased by €48m and stood at €791 million at the end of last year.