Press Release - 12th October 2005

NIEH GROUP FORMED – BRINGING DOWN ENERGY SUPPLY PRICES

NIEH (Northern Ireland Energy Holdings) has been in existence since March of this year, but already it is making a big difference to the cost of Electricity and Gas in Northern Ireland.

NIEH is a mutual set up to purchase energy capital intensive infrastructure such as the electricity interconnector with Scotland – Moyle and the gas pipeline from also from Scotland - Premier Transmission.

NIEH is answerable to some 30 members selected from Northern Ireland who scrutinise the company performance and ensure the management meet tough targets of reducing energy supply costs.

On the 12 October members voted to combine the resources of Moyle and Premier to create a powerful new force in energy supply.

To date results have been impressive, in the first full year of operation as a mutual Moyle was able to return £2.3M to customers, monies which would normally have gone to shareholders. Premier is proving to be an even bigger success with tariffs being reduced by some 20% or £6M for transportation of gas from the UK to NI.

Felicitiy Huston – Former Chair of the Electricty Consumer Council in NI and now a Non – Exec Director said Speaking today, today said: “The acquisition of the SNIP together with the previously acquired Moyle Interconnector allows for real benefits to the people of Northern Ireland. Based on low cost finance, these important infrastructural assets are now owned by a not for dividend company representative of energy customers interests and is another important step in the march towards lower energy costs. We are also grateful that this important development has the support of Government which has supported the development of an all island energy policy.”
“NIEH’s strategic vision is to see further rationalisation of energy infrastructure within the island of Ireland and at least one further acquisition will be explored by the board.”

--

END

 

Northern Ireland Energy Holdings Media Contact:

Michael McKernan, Lagan Consulting Tel: +44 (0)28 9261 9550

email: michael.mckernan@laganconsulting.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Last Updated: 23rd June 2006