While the ESB has announced its intention to sell Lough Ree Power station in Lanesboro, it says it will be proposing to prospective buyers that they maintain the station with existing staff.
Lough Ree Power and West Offaly Power, Shannonbridge; along with plants in the UK (Marchwood Power Limited) and Spain (Bizkaia Energia SL) are being sold with the objective of delivering €400m to the Government by the end of 2014.
The sale of Bizkaia will continue into next year while the ESB Board approved the selection of a preferred bidder for Marchwood Power Limited and that sale is expected to close within the next two months.
Since the sale of the international assets alone is not expected to deliver €400m, ESB declared its intention to sell its two peat stations, Lough Ree Power and West Offaly Power.
News of the Lanesboro and Shannonbridge sales came as ESB published its interim financial statements for 2013 (today, Wednesday, October 23), reporting profit after tax of €188 million for the period to June 30.
ESB Chief Executive Pat O’Doherty explained that in selling Lough Ree Power and West Offaly Power, ESB will be proposing to prospective buyers an arrangement under which it continues to operate and maintain the Peat Stations with existing staff.
His statement added, “West Offaly Power and Lough Ree Power have and will continue to play a major role in the electricity industry, contributing to security of supply. It is expected that advisers will be appointed in the coming weeks and that the sale process will conclude mid 2014.”