The ESB pulled off something of a coup this week. The company, which has spectacularly failed to privatise itself in recent years, has been appointed to advise on the bringing to market of Bulgaria's seven energy distribution firms.The Irish State-owned monopoly is, via its ESB International subsidiary, part of a consortium led by BNP-Paribas.

Apparently some 65 companies, including five well-known European firms, have expressed interest in the seven Bulgarian firms.

And well they might - the seven firms provide 4.5 million Bulgarians with electricity and made €16.7 million in profits last year.

No doubt the ESB will be bringing to the party its first-hand experience of how well-organised trade unions can stymie the ambition of management to bring a company to the market.

Their advice will no doubt include such gems as don't make a trade union official deputy chairman of the company if you are in a rush to the market.