THE retail arm of Bord Gais is expected to be among the state assets listed for sale today. Last night, the cabinet finally agreed on a list of assets that will be sold off and how the sales will be managed over the coming years.

It is understood that the sale of the most valuable commercial semi-state utility company — the ESB — has been taken off the table. However, it is expected that between €2bn and €3bn of state assets will be put on the market.

The Government has to sell off state assets under the terms of the EU-IMF bailout.

However, the Government has insisted it will not engage in a “firesale” with assets sold at knock-down prices.

The Government recently secured an agreement that part of the proceeds from the sale of state assets could be used for job creation measures — with the remainder used to reduce the state’s national debt.

It is not yet known what percentage of any proceeds from the sale can be retained for job creation.

It agreed to draw up an “ambitious” list of sales.

Speculation about the inclusion of Bord Gais Energy’s retail division — estimated to be worth between €1bn and €1.4bn — mounted yesterday when its chief executive John Mullins visited Government Buildings on the same day as the cabinet met to finalise its decision.

Sources said Bord Gais Energy’s senior managers were briefed that the announcement of a sale of non-network assets was imminent.

It is feared that a sale of the retail division to UK firm Centrica could lead to job losses among its 485 staff, as many of its functions may be outsourced.

“Bord Gais Energy may only need 80 to 100 staff if its work was transferred to the UK,” said a source.

It is understood that the ESB will not be among the assets offered for sale, and no sales have yet been agreed.

The exact details will be announced today by Public Expenditure Minister Brendan Howlin.

A government spokesman said the list being published today was not final.

Last week, Minister for Energy Pat Rabbitte said he would be in favour of selling part of the Bord Gais Energy if it attracted a big player.

Sources said the retail division — which is responsible for billing customers — had been “packaged up” for a sale.

“The windfarm network, which is part of it, was bulked up with the purchase of the SWS windfarm about a year-and-a-half ago,” they said.

Workers at Bord Gais expected an announcement yesterday regarding the sale, as communication sessions had been organised with staff.

They said they had been told by line managers that they would be consulted if a change of ownership was planned.

– Anne-Marie Walsh and Michael Brennan

Irish Independent