The offers for Bord Gáis Energy Trading Limited (BGE) will be due in late June 2013. The memorandum will be circulated to interested parties. The sale tag is likely to be around €1 billion. Sunday Business Post reported that JP Morgan is handling the sale, with interested parties believed to include CVC Capital Partners Limited, Macquarie Group Limited (ASX:MQG) and Paul Hastings LLP. A number of parties are interested in buying BGE. Royal Bank of Canada is also advising BGE on the sale process. Centrica plc (LSE:CNA) is being advised by Goodbody Corporate Finance to represent it in the bidding process, while GDF Suez S.A. (ENXTPA:GSZ) has also recently emerged as a likely bidder. SSE plc (LSE:SSE) and Iberdrola SA (CATS:IBE) are also believed to be interested. Barclays Capital PLC is advising NewERA on the sale of BGE. Some sources familiar with the process said security of supply would be high on the government's agenda, which may weaken the hand of interested private equity players. Competition in the market will also be an important consideration.

Iberdrola has appointed Georgina Kessel Martinez as external independent director to fill the vacancy left by Victor de Urrutia Vallejo. The effective date is April 23, 2013.

Iberdrola SA reported earnings results for the first quarter of 2013, a decline of 14.1%, while EBITDA was down 3.7% at EUR 2,278.8 million. Regulated businesses accounted for 72% of total EBITDA. These results were conditioned by a series of temporary factors that distort comparison with the same period last year some of which will be offset in 2013 and 2014. Operating cash flow stood at EUR 1,732 million at the end of the first quarter, down 4.8%. In all businesses, operating cash flow exceeded investments executed in the period totaling EUR 630 million, this comprised came to EUR 414 million in networks, EUR 42 million in generation and supply and EUR 146.3 million in renewable and the rest in other business areas. For the first quarter, the company is expected to enable to meet a series of projections for 2013, among them that of maintaining net profit at levels similar to 2012. The company also expects to maintain its policy of shareholder remuneration of around EUR 0.3 per shares until the 2014 financial year, subject to approval by the AGM.