Islandmagee Storage Limited (IMSL) is a joint venture between Moyle Energy Investments Limited (“Moyle”), a wholly owned subsidiary of Mutual Energy Limited (“Mutual”) and InfraStrata plc. Mutual Energy currently has a 10 per cent stake in the Gas Storage project.
The project plan is to develop a major gas storage facility in Co Antrim. The project which takes advantage of the Permian salt geology of the Larne Lough area has made considerable progress through the permitting process, obtaining planning permission and receiving a gas storage licence from the industry regulator in 2012.
The project has also achieved ‘Project of Common Interest’ (PCI) status; making it onto both the 2013 and 2015 published EU PCI lists.
The project has also benefited from 2 “Connecting Europe Facility” (CEF) grants for studies.
The first CEF grant was for up to 50% of the €5 million cost for a data gathering well to obtain cores of the salt sequence and undertake further engineering design work. The second successful grant application for 50%, up to a maximum of €4.024m, of the costs associated with a Front-End Engineering Design (“FEED”) in order to proceed to Final Investment Decision (FID).
When a final investment proceeds, the project will bring enormous benefits to Northern Ireland, GB and Republic of Ireland; particularly in the area of prices, energy security of supply and system flexibility.
More information on the project can be found on the following website: