Viridian Group report slight fall in operating profit

The interim report from Viridian Group has shown a slight fall in the Group’s operating profit.

Reporting on business activity during the six months to September 30, 2001, the Viridian Group have announced a 4 per cent fall in operating profits to £48.5million.

During the six-month period, the Viridian Group invested £121.7 million in its energy businesses, including Northern Ireland Electricity; the Moyle Interconnector, which will link the Scottish and Northern Ireland electricity grids; and the Huntstown Power generation plant north of Dublin.

The Moyle Interconnector and the Huntstown Power Station are both due to come on stream next year, supplying competitively priced electricity to the recently deregulated industrial markets throughout Ireland.

Harry McCracken, Managing Director of Northern Ireland Electricity, the Viridian Group’s largest subsidiary, said: “We are committed to the development of energy markets in Ireland.

“Energia, our competitive electricity supply business, has taken a lead position in the deregulated Irish electricity market. Its position will be enhanced when we are able to match generation and supply as Huntstown power station comes into service at the end of next year.”

The Viridian Group has also announced continued investment by Northern Ireland Electricity. The company spent £39 million on the local network in the six month period, though several of the projects were interrupted by movement restrictions due to Foot and Mouth Disease, to bring the total expenditure on the system to £650 million since the company was privatised in 1992.

Last month NIE won the 2001 British Quality Foundation Business Excellence Award. The Award’s judges were particularly impressed by: “NIE’s strong focus on, and commitment to, their customers, and also to their communities and society at large.” (SP)