The Minister for Communications, Energy and Natural Resources, Eamon Ryan TD, has welcomed the signing of the agreement between ESB and the Viridian Group for the purchase of Northern Ireland Electricity plc (“NIE”). NIE is the Northern Ireland electricity transmission and distribution business.
The Minister said that the transaction, which has been approved by him and the Minister for Finance, represented a good outcome for the future development of low-carbon energy infrastructure on the island in support of the needs of business and consumers both North and South.
‘I am confident that this investment by the ESB will be to the benefit of both economies in terms of potential synergies and will critically underpin the delivery of the ambitious renewable energy targets set by both administrations. Security of energy supply is critical for business and consumers, and continued cost efficient development of the networks will ensure that we have secure environmentally sustainable energy supply for the long-term'.
The Minister looked forward to continuing cooperation on energy matters with his Northern colleagues to mutual economic benefit.
Ends.