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27/08/2004
Minister welcomes energy agreement
Plans by Phoenix Natural Gas to increase its domestic prices by 20% have been dropped following an agreement between the company and energy regulator, the NI Authority for Energy Regulation (NIAER).
Under the deal, Phoenix Natural Gas has extended its licensing arrangement with NIAER, from 20 to 40 years with the wholesale price of gas now fixed until the end of next month.
The new deal, announced on Thursday, will also allow Phoenix to write off the cost investment on its new network of pipelines over a longer period of time than was originally planned.
Welcoming the news, Economy Minister, Barry Gardiner, said: "Combined with the recently announced settlement between Phoenix and Centrica on their wholesale gas supply contract, which resulted in the withdrawal of the company’s proposed 20% price increase, this latest licensing agreement provides the basis for competitive, transparent and sustainable gas pricing arrangements in Northern Ireland for the foreseeable future.
"I congratulate both Phoenix Natural Gas and the NI Authority for Energy Regulation for their diligence, tenacity and effort in making this deal possible."
(MB)
Under the deal, Phoenix Natural Gas has extended its licensing arrangement with NIAER, from 20 to 40 years with the wholesale price of gas now fixed until the end of next month.
The new deal, announced on Thursday, will also allow Phoenix to write off the cost investment on its new network of pipelines over a longer period of time than was originally planned.
Welcoming the news, Economy Minister, Barry Gardiner, said: "Combined with the recently announced settlement between Phoenix and Centrica on their wholesale gas supply contract, which resulted in the withdrawal of the company’s proposed 20% price increase, this latest licensing agreement provides the basis for competitive, transparent and sustainable gas pricing arrangements in Northern Ireland for the foreseeable future.
"I congratulate both Phoenix Natural Gas and the NI Authority for Energy Regulation for their diligence, tenacity and effort in making this deal possible."
(MB)
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