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18/07/2003
£30m cross border electricity deal signed
A £30 million cross border deal has been signed in which Northern Ireland Electricity will supply electricity to the Republic of Ireland.
The three-year deal will see Premier Power’s Ballylumford Power Station near Larne supply its 170 Megawatts of electricity to the Electricity Supply Board in the south.
The agreement, with an option to extend to another three years, represents a landmark in North South energy trade and is the first of its kind for a major capacity export from Northern Ireland to the Republic of Ireland.
Commenting on the deal, NIE Director, Harry McCracken said: "This is a win, win deal for everyone. It is a demonstration of the importance of integrated electricity markets.
"The Moyle Interconnector with Scotland is already bringing competitive electricity prices to both parts of Ireland and we are now seeing how the freeing-up of energy markets is encouraging innovative transactions between the participants.”
Ian Pearson, NIO Minister for Enterprise, Trade and Investment, described the deal as a milestone on the road to an all-island energy market. He added: "The conclusion of these major contracts between NIE, Premier Power and ESB is a further example of the increasing co-operation and interaction between the two electricity markets.
“The contract will benefit Northern Ireland by helping to secure local employment and contribute to reducing our relatively high energy costs. Commercially based contracts, offering benefits to both parts of the island, are essential complements of the developing all-island energy market.”
Dermot Ahern, Irish Minister for Communications, Marine and Natural Resources was joined by Mr Pearson at a signing ceremony in Dublin and acknowledged a new era in cross-border energy co-operation.
As well as providing additional capacity to the Irish electricity industry, Northern Ireland customers could also see a slight reduction in electricity costs.
(MB)
The three-year deal will see Premier Power’s Ballylumford Power Station near Larne supply its 170 Megawatts of electricity to the Electricity Supply Board in the south.
The agreement, with an option to extend to another three years, represents a landmark in North South energy trade and is the first of its kind for a major capacity export from Northern Ireland to the Republic of Ireland.
Commenting on the deal, NIE Director, Harry McCracken said: "This is a win, win deal for everyone. It is a demonstration of the importance of integrated electricity markets.
"The Moyle Interconnector with Scotland is already bringing competitive electricity prices to both parts of Ireland and we are now seeing how the freeing-up of energy markets is encouraging innovative transactions between the participants.”
Ian Pearson, NIO Minister for Enterprise, Trade and Investment, described the deal as a milestone on the road to an all-island energy market. He added: "The conclusion of these major contracts between NIE, Premier Power and ESB is a further example of the increasing co-operation and interaction between the two electricity markets.
“The contract will benefit Northern Ireland by helping to secure local employment and contribute to reducing our relatively high energy costs. Commercially based contracts, offering benefits to both parts of the island, are essential complements of the developing all-island energy market.”
Dermot Ahern, Irish Minister for Communications, Marine and Natural Resources was joined by Mr Pearson at a signing ceremony in Dublin and acknowledged a new era in cross-border energy co-operation.
As well as providing additional capacity to the Irish electricity industry, Northern Ireland customers could also see a slight reduction in electricity costs.
(MB)
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