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08/07/2002
Minister welcomes NIE and Ofreg agreement
Sir Reg Empey, the Minister for Enterprise, Trade and Investment, has welcomed the news that Northern Ireland Electricity (NIE) and industry regulator Ofreg have reached agreement on the price control of NIE's Transmission and Distribution business.
Under the agreement, which will cover the five-year period April 2002 to 2007, electricity customers are likely to see a year-on-year reduction in charges, while NIE will invest £227 million in the local electricity infrastructure.
The agreed review also includes incentive formulas for NIE to develop and deliver environmental and energy efficiency programmes, which will help customers reduce their electricity consumption, and therefore their total energy bill.
Commenting on the agreement, Sir Reg said: "This is good news for business and domestic consumers alike and I am very pleased with the outcome. It is another step in the right direction.
“I am also considering possible options to further reduce electricity prices and will announce an action plan in due course."
(MB)
Under the agreement, which will cover the five-year period April 2002 to 2007, electricity customers are likely to see a year-on-year reduction in charges, while NIE will invest £227 million in the local electricity infrastructure.
The agreed review also includes incentive formulas for NIE to develop and deliver environmental and energy efficiency programmes, which will help customers reduce their electricity consumption, and therefore their total energy bill.
Commenting on the agreement, Sir Reg said: "This is good news for business and domestic consumers alike and I am very pleased with the outcome. It is another step in the right direction.
“I am also considering possible options to further reduce electricity prices and will announce an action plan in due course."
(MB)
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