The Irish government is to sell a minority stake in state owned energy utility ESB, the Minister for Energy Pat Rabbitte told parliament September 14. Under a memorandum of understanding drawn up between Ireland and the EU and IMF in 2010 it was agreed that the government would raise up to €2 billion through the sale of state assets. The ESB is the most valuable asset in state ownership. An expert group is to evaluate the process, taking account of future energy policy and regulation. The group will decide the size of the minority stake to be sold and will issue its report by November 30. ESB has assets valued at over €12 billion. Adjusted operating profit last year was €339 million. It supplies electricity to 42% of the all-island of Ireland market, and generates 47% of its electricity.
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