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Article: NI Energy continues to suffer losses despite new purchases
- Article from:
- Belfast Telegraph
- Article date:
- November 10, 2009
CopyrightCopyright 2009 Belfast Telegraph. Provided by ProQuest LLC. (Hide copyright information)
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NORTHERN Ireland Energy Holdings (NIEH) is the owner of three key
parts of the energy infrastructure: the Moyle electricity inter-
connector with Scotland, the natural gas pipeline from Scotland, and
the natural gas transmission pipelines in the Belfast area, more
recently purchased from Phoenix Natural Gas.
Because of the nature of the ownership (through a company without
share capital) and the long-term contracts and licences, the company
was able to borrow funds at modest interest rates. The assets were
acquired in 2003, 2005 and 2008 from the owners (NIE and Phoenix) at
acceptable capital values to the former owners.
The largest expenditure item each year is the cost of interest
and ...