Press Release - Tuesday 26 September, 2006

Northern Ireland Energy Holdings, operators of the Moyle Electricity interconnector and the Scotland-Northern Ireland natural gas transmission pipeline (SNIP) today reported on an excellent first year.

The company which is a mutualised business (where operating surpluses are used for the benefit of energy consumers rather than private shareholders) was reporting on its first full year of operation since acquiring the SNIP asset from the BG group. The 2006 Annual Report and Accounts were today presented to the Company Annual General Meeting in Belfast.

Highlights of the year included:

1. Safety - an incident free year
2. Excellent Availability (100% for SNIP, 98.9% for Moyle)
3. £12.4m set aside to help lower electricity prices to consumers
4. Annual cost savings of over £5m achieved in running the SNIP in 2005/6 and  all future years
5. Approval to invest £10m in renewable energy

Chairman of Northern Ireland Energy Holdings Alasdair Locke said,

“In a successful first year for the expanded group, we have further demonstrated the success of our mutual business model in acting for the benefit of and in the long term interests of the energy consumers of Northern Ireland.”

 

“We are particularly pleased with the smooth transition of operational control of PTL’s SNIP pipeline to our Belfast-based management team. Performance against our Key Performance Indicators demonstrates how we have met the financial and operational targets important to our stakeholders”

“During the year the Group embarked on a new venture in the setting up of the Irish Renewable and Sustainable Energy Fund. The Board believes that the returns from this venture will further strengthen the Group and will enhance our ability to advance the interests of Northern Ireland’s energy consumers”

Executive Director Alan Rainey said “Today marks the arrival of the company as a significant player in the Northern Ireland energy sector - working on behalf of energy consumers. A particular highlight was the £12.4m the company was able to set aside toward reducing electricity prices this year. We are delighted also that the incorporation of the PTL gas transmission business into the group has allowed us to secure permanent savings in excess of £5m per year.

The NIEH agm takes place in the Europa Hotel in Belfast starting at 4.00pm. Although the formal meeting is private, hard copies of the 2006 Annual report and Accounts will be distributed to the media and senior management of the group will be available immediately afterwards for interview. (4.30pm approx)

Media welcome to attend – refreshments will be served.

 

Note for editors:

Northern Ireland Energy Holdings manages the Moyle electricity interconnector and the Scotland Northern Ireland gas transmission pipeline in a mutualised structure on behalf of energy consumers. The company, which has no shareholders, has assets approaching a value of £400million making it one of the largest energy players in Northern Ireland. It ensures that operating surpluses achieved in the management of these strategic energy assets benefits energy consumers as opposed to private shareholders.

For further information contact Michael McKernan at Lagan Consulting

Tel: 028 9261 9550

 

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Click on the photos below for a high resolution version

 

 

 

Northern Ireland Energy Holdings Media Contact:

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

email: michael.mckernan@laganconsulting.com

 

 

 

Last Updated: 26th September 2006