Viridian set for expansion
Saturday 21 November 1998
Patrick Haren, group chief executive, said the group would file a formal planning application next month to develop a site in the Republic, where demand for electricity is growing at 6-7 per cent a year against a more modest 3.8 per cent in Northern Ireland.
The group is also preparing a bid for some of the portfolio of combined heat and power plants which Yorkshire Electricity is putting up for sale.
Having handed back pounds 67m to investors via a buyback last year, the group now has the support of shareholders to use its strong balance sheet to develop growth opportunities, said Dr Haren.
"There is an ongoing capacity shortage in the South and we in Northern Ireland are right next door. Ireland is currently looking at its regulatory structure. We are advancing plans for a station on the basis that there will be a competitive regulatory framework by the year 2000," he said.
The group yesterday beat City expectations with a 6.4 per cent rise in first-half pre-tax profits to pounds 41.5m. At the same time it announced a 10 per cent higher dividend of 6.66p a share. Dr Haren said the group would also be handing back another cash rebate to customers on top of the pounds 7m rebate in April and an 8 per cent cut in tariffs last year.
However, he said further benefits to customers would hinge on the success of the group's campaign to get wholesale prices down in the Province.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 4 The day I starred in Only Fools and Horses
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings plane crash: Andreas Lubitz 'had eyesight problems' and woke from nightmares 'screaming we’re going down'
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...