The Ascendant Group sale must be approved under ministerial directions, home affairs minister Walter Roban said today.

Mr Roban told the House of Assembly the Regulatory Authority must give consent to the licence transfer of the utility group, which is the subject of a takeover bid from Algonquin Power & Utility Corporation of Canada.

He continued: “If the RA approves a licence transfer without adhering to ministerial directions, the only remedy to the Government is to appeal to the Supreme Court. “

Mr Roban added that the Government would ensure that any sale would promote “economic efficiency and sustainability” in order to reduce reliance on fossil fuel, increase the use of renewables and make electricity more affordable.

• To read Walter Roban’s statement in full, click on the PDF under “Related Media”