Electricity chiefs in Northern Ireland are set to raise more than £120 million sterlingby selling off a major transmission link with Scotland, it emerged tonight. In a deal set to be clinched next week, the Northern Ireland electricity group, Viridian, has agreed tooffload the Moyle Interconnector.
The 500 megawatt high-voltage link between electricity grids in Northern Ireland andScotland is being purchased by new firm Moyle Holdings Limited.
Viridian is expected to receive £122.5 million for the transaction.
The group's chief executive, Mr Patrick Haren, insisted: "Customers will see anadditional price benefit as a result of this transaction.
"We are selling this asset because, unlike the transaction and distributionbusiness, we see limited scope for adding value over and above the regulatedasset base," he said.
The deal for the interconnector, which started operating last April, has beenbrokered through the sale of Viridian's subsidiary Moyle InterconnectorLimited.
Moyle Holdings is a not-for-equity distribution company whose members anddirectors were nominated by Ofreg and other interested parties.
Mr Haren added: "Our shareholders will benefit from the premium realised, afair reward for Viridian's commitment in developing, financing and bringing theinterconnector to successful commercial operation."
PA