Press Release - 9th December 2005

PREMIER TRANSMISSION RETURN OVER £2 MILLION TO GAS SHIPPERS.

Premier Transmission have agreed to return over £2m to gas  shippers to Northern Ireland, this will help to reduce electricity and gas prices to all consumers in Northern Ireland.

NIEH (Northern Ireland Energy Holdings) has been in existence since March of this year, when it bought Premier Transmission.

NIEH is a mutual (not for profit)  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.

PTL has been able to return over £2m for two reasons, firstly it does not have to pay dividends to its new owner NIEH and secondly has found operational savings.

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.

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.”

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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