Mutual Energy Annual Report 2010Press Release - 14th December 2009
£1.9 million payback in the pipeline for energy consumers
Electricity and gas consumers across Northern Ireland are to benefit from a £1.9 million ‘Christmas present’ from Mutual Energy’s gas transmission business. The seasonal announcement means that the transmission of natural gas from Scotland to Northern Ireland via the undersea pipeline, will return over £1.9m to gas and electricity consumers, via shippers on Mutual Energy’s pipelines. The payments will be made in January 2010.
The payback has been made possible due to operational savings at Mutual Energy subsidiaries Premier Transmission and Belfast Gas Transmission. This is in addition to some £10m annual saving due to the much lower ‘cost of capital’ achieved at the time of purchase of these essential gas transmission assets.
Mutual Energy is a company limited by guarantee (also known as a mutual) which exists to own and operate energy infrastructure assets for the benefit of Northern Ireland customers. The company does not have any shareholders (and therefore does not pay dividends) – its principal stakeholders are the energy customers of Northern Ireland and its financiers. Mutual Energy owns the Scotland to Northern Ireland gas pipeline (SNIP), the Belfast Gas Transmission Pipeline and the Moyle electricity interconnector which links the electricity grids of Northern Ireland and Scotland. Firmly rooted in Northern Ireland, Mutual Energy is answerable to thirty Members who scrutinise the company performance and ensure asset managers meet tough targets of reducing energy supply costs.
Announcing the ‘payback’ Bill Cargo, Executive Director of Mutual Energy, said; “We’re delighted to be in a position to show in this practical manner how our ownership of the SNIP (Scotland to Northern Ireland Pipeline), together with the Belfast Gas Transmission pipeline and the Moyle Interconnector, are continuing to bring real and significant benefits to the people of Northern Ireland.”
“Our unique business model means that these vital infrastructural assets are owned by a not-for-dividend company which is governed by and operates in the interests of Northern Ireland’s energy consumers. We are fully committed to making our contribution to lowering energy costs and today’s announcement is an important part of that contribution.”
"Our unique business model means that these vital infrastructural assets are owned by a not-for-dividend company which is governed by and operates in the interests of Northern Ireland’s energy consumers. We are fully committed to making our contribution to lowering energy costs and today’s announcement is an important part of that contribution, particularly in view of the recent upward trend of other energy price components."
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Issued on behalf of Mutual Energy by Lagan Consulting.
For further press & media information contact Owen McQuade at Lagan Consulting
Tel: 028 9261 9550
Email: owen.mcquade@laganconsulting.com
December 2009