North’s Phoenix eyes up Bord Gáis assets

NORTHERN Ireland’s main gas supplier is eyeing up Bord Gáis assets earmarked for sale.

Phoenix’s parent company Terra Firma said it will seriously consider bidding for the semi-state’s supply or energy businesses if it is broken up.

The Government is examining options for a sell-off of state assets drawn up by economist Colm McCarthy to pay for the banking crisis and borrowing.

Phoenix said moving into the Irish market by buying Bord Gáis assets would be a natural fit for its business. “We are interested in any and all energy assets,” a company spokesman said.

“The potential purchase of further energy assets across the island would represent a natural fit and an expansion opportunity.

“To this end any Bord Gáis assets that become available for acquisition would be very seriously considered.”

The McCarthy review group on state assets called for Bord Gáis and ESB to be broken up.

It said the state-owned gas company should sell off its power generation assets, such as the year old Whitegate plant in Cork, and the supply and distribution business.

McCarthy, however, has warned against a fire sale of assets.

Terra Firma has made inquiries over the possible sell-offs but management have been told there will not be any talks until specialist advisers have been appointed.