Irish Electricity Supply Board part of G-8 privatization

Irish Electricity Supply Board (ESB) announced it will take part in the privatization of the so-called G-8 group, eight energy distributors located in Gdansk, Torun, Slupsk, Plock, Elblag, Olsztyn, Kalisz and Torun. Bill McCann, president of ESB, emphasized that the Polish market is attractive because of its size, high economic growth, and prospects of joining the European Union. McCann also said that ESB is interested only in Poland's energy distributors, not in energy producers, as energy distribution is the main activity of ESB elsewhere. ESB operates in 58 countries. The Polish government anticipates completing privatization of the energy distribution sector by the end of the year 2002. Investors will be offered 20% to 25% stakes in distributors, with the possibility of buying up to 15% more from employees. (Prawo i Gospodarka, p.2)