Press Release: Friday 15th December 2006
£1.48 MILLION PAYBACK IN THE PIPELINE
Electricity and gas consumers across Northern Ireland are to benefit from a £1.48 million ‘Christmas present’ from Premier Transmission.
The seasonal announcement means that Premier Transmission whose core business is the transmission of natural gas from Scotland to Northern Ireland via the undersea pipeline will return £1.48m to the postalised system, helping to reduce energy prices to all energy consumers in Northern Ireland. The payment will be made in January 2007.
The payback has been made possible due to operational savings. Premier Transmission does not have to pay dividends to its new owner, Northern Ireland Energy Holdings.
NIEH is a mutual (i.e. not for dividend) organisation, established to purchase capital intensive energy infrastructure. The Group owns both Premier Transmission and the Moyle Interconnector which links the electricity grids of Northern Ireland and Scotland. Firmly rooted in Northern Ireland, NIEH is answerable to thirty Members who scrutinise the company performance and ensure asset managers meet tough targets of reducing energy supply costs.
Announcing the ‘payback’ of £1.48m William Cargo, Managing Director of Premier Transmission, said; “We’re delighted to be in a position to show in this practical manner how our acquisition of the SNIP (Scottish Northern Ireland Pipeline), are continuing to bring tangible benefits to the people of Northern Ireland.
“Our unique business model means that this vital infrastructure asset is now owned by a not-for-dividend company which represents the interests of Northern Ireland’s energy consumers. We are fully committed to making our contribution to lowering energy costs and today’s announcement is an important step towards that goal. Looking to the future, NIEH’s strategic vision is to see further rationalisation of energy infrastructure within the island of Ireland and we plan to consider at least one further acquisition, again with a view to supporting the drive towards lower energy costs.”
Photos available online:
William Cargo, Managing Director, Premier Transmission Limited
*High Res Version Available: http://www.nienergyholdings.com/img/Bill_Cargo_large.jpg
Notes:
Northern Ireland Energy Holdings Media Contact:
Michael McKernan, Lagan Consulting Tel: +44 (0)28 9261 9550
email: michael.mckernan@laganconsulting.com
Last Updated: 22nd August 2006