A joint venture between the state-controlled Ireland Strategic Investment Fund (ISIF) and funds controlled by Goldman Sachs is understood to have submitted a final round bid to buy power firm Viridian, which owns Energia in the Republic as well as Power NI, for up to €1 billion.

If the joint venture is successful, it will cement the Irish State’s effective control of the bulk of Ireland’s power generation and supply, as well as electricity and gas distribution.