Northern Ireland Energy Holdings reports 8% rise in profit

Northern Ireland Energy Holdings, operators of the Moyle Electricity interconnector and the Scotland-Northern Ireland gas transmission pipeline (SNIP) today reported another 'excellent' year.

The company which is a mutualised business - where operating surpluses are returned to energy consumers rather than to private shareholders - was reporting on its second full year of operation.

Highlights of the year included a group operating profit rise of 8%.

Chairman of Northern Ireland Energy Holdings, Alastair Locke, said: "We have had an excellent year. We have operated both strategic assets at substantially lower cost to energy consumers than if they had remained in private shareholder ownership.

"At the same time we have maintained very high levels of operational performance.

"The group’s operating companies were again able to make further contributions to lower energy prices in Northern Ireland in addition to the long term cost reductions which they deliver year-on-year."

Mr Locke added: "In terms of assets we are probably now Northern Ireland’s second largest energy business and we are very confident of achieving significant further growth."