Notice: 22nd November 2018
2018: Mutual Energy continues to deliver benefits for Northern Ireland consumers
As the current Chair of Mutual energy steps down, the business is pleased to report that 2018 has seen some significant achievements. The company sealed a successful financing deal that will bring more than fifty million pounds of savings for Northern Ireland consumers over the long term and has seen a major infrastructure project – Gas to the West – become a physical reality on the ground.
The outgoing Chair of Mutual Energy, Regina Finn said:
“2018 has been the year in which Gas to the West became less about the paperwork of tendering and planning and much more about the on-the-ground delivery of a major infrastructure project. This major expansion of the gas network, adding substantially to Mutual Energy’s asset base, is very close to completion, and is already delivering services to key Northern Ireland consumers.
Just as important is the fact that we have secured a long-term financing deal that is great news for Northern Ireland’s natural gas consumers because it delivers a major saving for them. As I step down from the Board, I can say that Mutual Energy has delivered on its promise to consumers to keep energy infrastructure costs down whilst expanding and growing in Northern Ireland. I am confident the business will continue to perform strongly in the future.”
Regina Finn’s departure comes about due to Mutual Energy’s normal succession planning, and as part of that plan there has been a proactive search for a new Chair over recent months. Mutual is pleased to announce that, following that competitive process, David Gray has been appointed as Chair. Mutual Energy Chief Executive, Paddy Larkin commented:
“Regina came to the company with great experience and credibility which she gained in Ireland and the UK. We thank Regina for ten years’ excellent service to Mutual Energy and wish her the very best for the future.
In David Gray, who will take over as Chair in January 2019, was until recently was Chair of the Gas and Electricity Markets Authority (Ofgem) and has a lifetime of experience in regulation, energy and investments, we believe we have recruited a fitting successor to Regina. We look forward to working with him when to continue to ensure that Mutual delivers for our key stakeholders – the people and businesses of Northern Ireland”
David, who was Chair of OFGEM from 2013 until September 2018 said:
“I am delighted to be joining Mutual Energy and hope to build on Regina’s record. Mutual Energy has an important strategic role to play in the energy market in Northern Ireland – and indeed in the all island energy market. I am very much looking forward to making my contribution to that.”
Another major development, the new all island wholesale market, the Integrated Single Electricity Market (I-SEM) went live on 1st October and Mutual’s Moyle interconnector is now successfully participating. Paddy Larkin commented;
“This is an important development for the energy market on the island of Ireland and a significant achievement. One of the main objectives of the new arrangements is to improve trade with our neighbouring markets. So far, the interconnector flows have been efficient and are as expected, with imports and exports roughly equal.
Mutual Energy staff have been very busy putting in place the changed contracts and agreements to allow successful participation in the market. Through this new I-SEM market the Moyle interconnector will continue to provide valuable security of supply and access to competitive electricity as well as helping to facilitate renewable generation.”