The ESB is planning to finance future power stations on a joint venture basis rather than putting up all the finance itself, the company said yesterday.
Its managing director for power generation, Mr Ted Dalton, was speaking after the company announced its first such venture in the Republic with Statoil, the Norwegian state-owned energy company.
The companies are coming together on a new £200 million (€253.94 million) gas-fired power station in Ringsend, Dublin, which will provide 400 megawatts of electricity and 350 jobs during construction. The ESB hopes the plant will be operational by the winter of 2001.
Statoil will contribute 30 per cent of the £200 million and will provide the gas supply for the plant through its UK marketing company, Alliance Gas. Its overall investment will be held by a subsidiary, Statoil Dublin Bay AS.
The station is being built to cater for increased demand, which is rising by 150 megawatts each year. The new station will satisfy the Republic's additional generating requirements for two and a half years. Several other gas plants are planned around the State, with Northern Ireland Electricity's plans for a 600-megawatt station at Huntstown in Finglas the most advanced.
