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Friday, 14 February, 2003, 08:07 GMT
Fresh bid for NI power link
Group said NIE and OFREG deal was unattractive
Group said NIE and OFREG deal was unattractive
A consumers group has bid almost 125m for the power link carrying electricity from Britain to Northern Ireland.

The Consumer Power Corporation has equalled the purchase price for the Moyle interconnector determined between its owner Northern Ireland Electricity and electricity regulator OFREG.

The consumer group comprises business people and members of the voluntary and trades union sectors.

It has also vowed to complete the deal by 31 March, if it was successful.

Corporation chairman Sir George Quigley said a board of highly qualified people would run the enterprise.

"This would ensure that the consumer interest is at the heart of the new arrangements and that the business is run in a thoroughly commercial way and thereby delivers maximum cost savings for consumers," he said.

"We also said that we would want to discuss with the bank commissioned by NIE to work out the financing of the deal, and how the parameters within which that work has been done could reflect better the interests of consumers.

"It is these interests which the corporation regards as paramount."

'Enhance the benefits'

The chairman said the NIE and OFREG deal was unattractive and consumers were burdened by exceptionally high electricity prices.

"The savings are largely back-end loaded, which means that the prime beneficiaries will be those consumers who are around after the year 2033," he said.

We are also advised that, given the support of OFREG, other improvements could be made to enhance the benefits to be enjoyed by consumers

Sir George Quigley

"Consumer Power Corporation is advised that, if the deal were restructured to re-phase the savings, these could be some two-thirds higher over the first 15 years.

"We are also advised that, given the support of OFREG, other improvements could be made to enhance the benefits to be enjoyed by consumers."

He said the group would finance the underwater pipeline by a debt market financing transaction - paying back the money to its bank with the revenue generated by the interconnector.

See also:

05 Jul 02 | N Ireland
10 May 02 | N Ireland
26 Mar 02 | N Ireland
06 Nov 00 | N Ireland
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