EM - August/September 2010 - (Page 1)

The newspaper for Aug/Sept 2010 www.esb.ie/em ESB’S NEW ONLINE STORE ENERGY SOLUTIONS, PAGE 09 Turlough Hill School Initiative GENERATION OPERATIONS page 28 Know Your Neighbour ENERGY SOLUTIONS page 11 ESB sparks a deal. Conditional agreement reached for ESB to acquire NIE ESB HAS ENTERED INTO an agreement with the Viridian Group for the acquisition, by a whollyowned subsidiary of ESB, of Northern Ireland Electricity plc (NIE), the Northern Ireland transmission and distribution business of the Viridian Group, which is now owned by Arcapita Bank. As part of the acquisition, ESB will also acquire certain NIE associated companies, including NIE Powerteam and Powerteam Electrical Services (UK) which provide electrical construction and maintenance services. In total, the NIE Group employs approximately 1,300 staff. Under the terms of the share purchase agreement, ESB will pay £1,034 million (€1,248 million) for the NIE Group, subject to certain completion adjustments. ESB will also assume obligations of the NIE Group, including a £175 million (€211 million) Eurobond debt. NIE’s Regulated Asset Base, as of Wednesday March 31st this year, was £1,007 million (€1,215 million). Completion of the transaction is subject to a number of conditions, including conditions relating to Irish and UK competition authority clearance, satisfactory noti cations and a re nancing of the existing indebtedness of the Viridian Group. Subject to ful lment of the conditions, the transaction is expected to complete by the end of 2010. Arcapita will continue to own the Viridian Group, which it acquired in 2006. Its principle businesses following completion of the transaction will be power procurement business Viridian Power & Energy and NIE Energy Supply. These two businesses employ about 340 people. ESB Chief Executive, Padraig McManus said, “This acquisition demonstrates ESB’s continued ambition to grow our business in the rapidlychanging energy sector on this island. NIE is a well-run, ef cient business and will continue to operate on that basis. ESB is fully committed to delivering the signi cant investment in Northern Ireland’s transmission and distribution networks that will be required to deliver our common energy sustainability policy objectives over the coming years and we believe that customers in Northern Ireland will bene t from this transaction in the longer term.” Viridian Group Chairman, Patrick Haren said, “This transaction represents an important milestone in the development of the Viridian Group. It allows the group’s regulated network activities to further their growth under new ownership. The employees of the NIE Group can feel proud of recent achievements and we wish them well for the future. Under Arcapita’s ownership, the remaining group will be focused on its very signi cant generation and supply activities.” ■ positive outcome welcomed Pension Ballot results in “ESB WELCOMES the very positive outcome of the Group of Unions ballot on the proposed solution to the pension crisis. During the negotiations it was clearly acknowledged by all sides that the status quo was not sustainable. ESB acknowledges that the process was dif cult but believes that we have achieved a solution that will help ensure that existing pensioners retain solid pensions and that current workforce members will have equally solid pensions when they retire. This huge endorsement by staff provides a platform for us to move forward with the full implementation of our Strategy and enables ESB grow from strength to strength”. ■ ElectricAid raises €415k News page 07 In this issue ■ ■ ■ ■ ■ ■ News . . . . . . . . . . . . . . . . . . . . . . . . . . 02 Energy Solutions . . . . . . . . . . . . . . 09 ESB Networks Ltd . . . . . . . . . . . . 17 ESB Energy International. . . . . 21 Sustainability. . . . . . . . . . . . . . . . . . 30 Health & Habitat . . . . . . . . . . . . . . 31 ■ Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 issn no. 0790-7508 http://www.esb.ie/em

Table of Contents for the Digital Edition of EM - August/September 2010

EM - August/September 2010
Contents
News
Energy Solutions
ESB Networks Ltd
ESB Energy International
Sustainability
Health & Habitat
Life

EM - August/September 2010