§ Lord Kilclooneyasked Her Majesty's Government:
Whether a mechanism to reduce the cost of borrowing in the Northern Ireland energy market remains a priority policy. [HL3507]
§ Lord Williams of MostynThe Government made clear their continuing commitment to reducing energy costs for consumers in the context of the consultation paperTowards a New Energy Strategy for Northern Ireland published by the Department of Enterprise, Trade and Investment on 17 April 2003.
49WAA working group of economists drawn from the Department of Enterprise, Trade arid Investment, the Department of Finance and Personnel and the Northern Ireland Authority for Energy Regulation was established to further examine a legislative low-cost borrowing mechanism and other options for the refinancing of energy assets and contracts, with a view to energy cost reductions. The working group is expected to report shortly.
§ Lord Kilclooneyasked Her Majesty's Government:
Whether re-financing of the contracts for Ballylumford power station; the Moyle electricity interconnector; and the Northern Ireland to Scotland gas pipeline is near completion; and how the customer will benefit from these transactions. [HL3509]
§ Lord Williams of MostynThe Moyle interconnector was sold on 14 April 2003 to a fully debt financed, not-for-profit company. This will lead to a reduction of some £12 million in customers' bills over the next four years.
Discussions about the scope for introducing a similar not-for-profit structure for the Northern Ireland to Scotland gas pipeline are at an early stage.
Further options for the refinancing of energy assets and contracts—including the generator contracts—are being considered by a working group of economists drawn from the Department of Enterprise, Trade and Investment, the Department of Finance and Personnel and the Northern Ireland Authority for Energy Regulation. The working group is expected to report shortly.