14/04/2003
Viridian to sell Moyle Interconnector for £122.5m
Viridian Group PLC has agreed to sell the Moyle Interconnector for £122.5 million.
Moyle Holdings Limited, a newly-formed company, has agreed to buy the 500MW high-voltage DC electricity transmission link between the electricity grids of Northern Ireland and Scotland.
The Interconnector was developed and financed by Viridian (part-assisted by an EU grant) and entered full commercial operation in April 2002.
In addition, as part of the overall transaction, Viridian has agreed with Ofreg, the independent electricity watchdog, to a £10 million reduction in NIE’s Transmission & Distribution RAB.
Commenting on the sale, Patrick Haren, Chief Executive of Viridian, said: “We are selling this asset because, unlike the Transmission & Distribution business, we see limited scope for adding value over and above the RAB. Our shareholders will benefit from the premium realised, a fair reward for Viridian’s commitment in developing, financing and bringing the Interconnector to successful commercial operation”.
Viridian will announce its preliminary results for the year to 31 March 2003 on 15 May.
(MB)
Moyle Holdings Limited, a newly-formed company, has agreed to buy the 500MW high-voltage DC electricity transmission link between the electricity grids of Northern Ireland and Scotland.
The Interconnector was developed and financed by Viridian (part-assisted by an EU grant) and entered full commercial operation in April 2002.
In addition, as part of the overall transaction, Viridian has agreed with Ofreg, the independent electricity watchdog, to a £10 million reduction in NIE’s Transmission & Distribution RAB.
Commenting on the sale, Patrick Haren, Chief Executive of Viridian, said: “We are selling this asset because, unlike the Transmission & Distribution business, we see limited scope for adding value over and above the RAB. Our shareholders will benefit from the premium realised, a fair reward for Viridian’s commitment in developing, financing and bringing the Interconnector to successful commercial operation”.
Viridian will announce its preliminary results for the year to 31 March 2003 on 15 May.
(MB)
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18 November 2003
Viridian Group announce half-year turnover up 12%
Viridian Group plc have announced that turnover has increased from £332m to £371m, up 12% on the corresponding period last year. The Group's operating profit increased 7% to £50.8m, up from £47.6m, and the contribution to operating profit from Viridian Power & Energy increased by £0.5m to £8.7m in the six-months to September 30, 2003.
Viridian Group announce half-year turnover up 12%
Viridian Group plc have announced that turnover has increased from £332m to £371m, up 12% on the corresponding period last year. The Group's operating profit increased 7% to £50.8m, up from £47.6m, and the contribution to operating profit from Viridian Power & Energy increased by £0.5m to £8.7m in the six-months to September 30, 2003.
13 November 2001
Viridian Group report slight fall in operating profit
The interim report from Viridian Group has shown a slight fall in the Group’s operating profit. Reporting on business activity during the six months to September 30, 2001, the Viridian Group have announced a 4 per cent fall in operating profits to £48.5million. During the six-month period, the Viridian Group invested £121.
Viridian Group report slight fall in operating profit
The interim report from Viridian Group has shown a slight fall in the Group’s operating profit. Reporting on business activity during the six months to September 30, 2001, the Viridian Group have announced a 4 per cent fall in operating profits to £48.5million. During the six-month period, the Viridian Group invested £121.
07 August 2003
Renewable energy partnership spearheads action programme
A partnership between the Department of Enterprise, Trade and Investment and the Viridian Group launched today, aims to encourage the development of renewable energy in Northern Ireland.
Renewable energy partnership spearheads action programme
A partnership between the Department of Enterprise, Trade and Investment and the Viridian Group launched today, aims to encourage the development of renewable energy in Northern Ireland.
25 January 2002
Moyle Interconnector brings competition to electricity market
A new initiative involving electricity providers in Northern Ireland, the Republic and Scotland is set to bring greater competition to the local energy market.
Moyle Interconnector brings competition to electricity market
A new initiative involving electricity providers in Northern Ireland, the Republic and Scotland is set to bring greater competition to the local energy market.
03 January 2002
Moyle Interconnector opens up competition in NI electricity market
The Moyle Interconnector, Northern Ireland’s link-up with Britain’s electricity grid, has been completed. However, the Interconnector, which was launched on Wednesday, January 3, and is currently functioning in test mode, will not begin full operation until March 2002.
Moyle Interconnector opens up competition in NI electricity market
The Moyle Interconnector, Northern Ireland’s link-up with Britain’s electricity grid, has been completed. However, the Interconnector, which was launched on Wednesday, January 3, and is currently functioning in test mode, will not begin full operation until March 2002.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
