Ireland sold Bord Gáis Energy under its bailout deal and kept the pipes

Ireland's 2010 international bailout programme obliged the state to sell assets. Bord Gáis, the state-owned utility, was split conceptually in two: the gas network it operated, and Bord Gáis Energy, its retail supply and power generation business. The government decided to sell the energy business while retaining the network, which it called strategically important.

The auction was rocky. In late November 2013 the government rejected all bids as undervaluing the company; two weeks later, in December 2013, Energy Minister Pat Rabbitte confirmed a revised bid from a consortium of Britain's Centrica, Brookfield Renewable Power and iCON Infrastructure, placing an enterprise value of up to €1.12bn on the business.

Under Ireland's agreement with the troika, half the proceeds of state asset sales were earmarked for job creation and stimulus, with the rest for writing down national debt. The sale also included an employee share-ownership plan for Bord Gáis Energy staff.

An enterprise value of up to €1.12bn for the retail and generation arm, with half the proceeds earmarked for job creation and debt paydown.

The bailout programme with the EU and IMF committed Ireland to a schedule of state asset disposals.

Initial offers came in below the state's valuation, so ministers pushed bidders back instead of selling at a low point.

Keeping the gas network public separated a regulated natural monopoly from a competitive retail business.

A Centrica-led consortium offered industrial synergy value: the British group supplies gas and power to about 13 million customers through British Gas.

When a state must sell under duress, it can still carve the network out: selling the customer-facing business keeps the strategically important monopoly asset public.

Bord Gáis Energy has been owned by Centrica ever since, and the state utility's remaining network business continued as Gas Networks Ireland. A decade on, Centrica reported an operating profit of €75m for Bord Gáis Energy in 2024 - against €2m the year before - and announced a further €1bn of Irish energy-security investment for 2024-2029, crediting the acquired business with a strong performance in generation and trading optimisation.