Ofreg and Phoenix agree in principle on long-term gas network regulation
28th November 2006
Phoenix is able to confirm that agreement has been reached in principle with Ofreg to extend the recovery of the network investment from the current date of 2016 to 2046.
This is excellent news for natural gas consumers and for the future development of the natural gas industry in general in Northern Ireland. Commenting on the agreement, Peter Dixon Phoenix Group Chief Executive said,
“Subject to the drafting of detailed licence modifications and the outcome of the statutory consultation process, we would hope the new arrangements would be completed during the first half of next year. This brings longer-term pricing stability to a significant element of the end price to natural gas consumers in the Greater Belfast and Larne area and represents a very important milestone for the natural gas industry, ten years into its development.”
Dixon concluded,
“I would like to take this opportunity to thank everyone involved in the industry locally for their support and patience during these lengthy negotiations. The natural gas industry will have close to 104,000 connections by the end of 2006 and this agreement will underpin the advances in the Northern Ireland carbon footprint and help to cement the competitiveness of Northern Ireland industry in the global marketplace.”