asked the Minister for Energy the latest position regarding the proposed takeover of Dublin Gas by Bord Gáis Éireann; the way in which the deal is to be financed; the amount which will be paid to shareholders of Dublin Gas; the expected total cost to Bord Gáis Éireann; and if he will make a statement on the matter.
Written Answers. - Dublin Gas.
138.
The contract for the takeover by BGE of the assets of Dublin Gas is almost finalised but it will not be signed before the enactment of the Gas (Amendment) Bill, 1987 which is currently being considered by the Oireachtas. The takeover is being financed by a transfer of existing Dublin Gas loans to BGE. Nothing extra is being paid for the assets.
No money will be paid to the Dublin Gas shareholders. The cost of the takeover to BGE will be a £62 million increase in its borrowings due to the loans associated with the Dublin Gas assets, and a direct cash payment to the State of £4 million in respect of stamp duty.
I am satisfied that this is the best course of action to ensure the continued availability of natural gas for consumers in Dublin.