Both Bord Gais and the ESB are likely to raise funds in bond issues later this year in order to upgrade the gas and electricity supply networks. At the announcement of Bord Gais’ annual results, Gerry Walsh, chief executive, said that they plan to raise up to E500 million in a bond offering which would be used to part-fund the State gas company’s E1.4 billion capital investment programme. Walsh said the company would seek a credit rating soon for the purposes of issuing its bond.
The ESB have also indicated that they will launch a bond programme to help fund its network upgrade programme. Padraig McManus, the chief executive designate said that the ESB needs to borrow about E2.5 billion to fund the upgrade of the Irish electricity network half of which would come from non-traditional sources and his preference was for a bond issue. |
