Planned gas storage facility receives a major boostPress Release - 23rd March 2010
Mutual Energy welcomes gas storage planning application
Islandmagee Storage Limited (IMSL) is today (Tuesday 23rd March) submitting a planning application for a £250 million project to develop a 500 million cubic metres natural gas storage facility in Permian salt beds almost a mile beneath Larne Lough. The facility, when constructed, will have the capacity to store enough natural gas to meet Northern Ireland’s peak demand for more than 60 days.
This method of storing gas has been used throughout Europe for more than 40 years. The project has the potential to create around 200 construction jobs during its seven year development with an additional 20-30 longer term operational posts.
Speaking about the benefits of the scheme for industry in Northern Ireland, Paddy Larkin, Chief Executive of Mutual Energy and Islandmagee Storage Limited Non-Executive Director, said “The Islandmagee Storage Project is strategically important for the future competitiveness of Northern Ireland – companies seeking to invest here in the future will require energy security and stable prices, which gas storage can contribute to”.
The planning application for the Islandmagee Storage Project is the culmination of almost three years of specialist investigative work and environmental assessments. Copies of a non-technical summary of the Environmental Impact Statement which accompanies the planning application can be downloaded from the project website www.islandmageestorage.com.
Notes to Editors:
- Over 60% of Northern Ireland’s electricity is produced by gas-fired power stations.
- There is a desire in the UK and Ireland for increased renewable power generation to meet reduced carbon targets, in particularly wind-powered generation, to displace in particular oil and coal-fired generation. This will inevitably result in a growing reliance on gas-fired power stations to support the fluctuations in supply as a result of the intermittency of an increasing level of wind power generation. Rapid cycle gas storage facilities, such as the Islandmagee Storage project, will be important to respond to the rapidly fluctuating gas supply demands for electricity generation, in affect also acting as “electricity storage” in a low carbon economy.
- A copy of the full planning application together with a Non-Technical Summary of the Environmental Impact Statement and images contained within it can be downloaded at www.islandmageestorage.com
Background on the Islandmagee Storage Project
The proposed 500 million cubic metres (“mcm”) facility will be the largest on the island of Ireland and the first for Northern Ireland. It will make a significant contribution to the security of gas supplies. The facility is being designed to inject gas at 12 mcm and withdraw gas at 22 mcm per day. The cost of construction has been estimated at circa £250 million, including cushion gas. The project is owned by Islandmagee Storage Limited an independent Northern Ireland registered company; a joint venture between Infrastrata UK Limited (part of the Infrastrata plc group of companies) – 65% shareholder and Moyle Energy Investments Limited (part of the Mutual Energy group of companies) – 35% shareholder. Moyle Energy Investments Limited will require Regulatory approval to participate in the construction of the project; in the meantime Infrastrata UK Limited is providing 100% of the development capital via shareholder loans. Further information is available on the website www.islandmageestorage.com.
For further press & media information contact Sandra Dane at Lagan Consulting
Tel: 028 9261 9550
Email:sandra.dane@laganconsulting.com