The employee shareholding at ESB is concerned on Government plans to move the transmission assets of ESB to Eirgrid, and says that breaking up the ESB will destroy the most effective semi-state company at a huge cost to the State.
The trustees of the Employee Share Ownership Plan (ESOP) says the Government's plans in the White Paper on energy earlier this week, will impose a major disincentive on investment in the network and will strip the ESB of more of its property assets.
'Each of these moves would have an enormously detrimental impact on its participants', the ESOP said.
The ESOP Trustee says it is determined to protect the interests of its members, and will oppose any Government attempt to commandeer its assets.
ESOP said that no coherent explanation has been given as to how moving the transmission assets of ESB to Eirgrid will save any costs.
'This transfer will result in a duplication of management and other overheads and ignores the fact that Eirgrid already manages the transmission assets quite independently of ESB', it said.
'Breaking up ESB without having a proven reason to do so will destroy an enormous sum in shareholder value for the State and for ESOP members without delivering any guaranteed advantage to the consumer', it added.
The ESB ESOP Trustee holds 5% of the capital stock of ESB, purchased in 2001 on behalf of over 10,000 current and former ESB employees.
