Ballylumford power station is sold
Thursday, 8 July 2010
BALLYLUMFORD power station will be sold to US firm AES it has been announced.
The Virginia based company has agreed with BG Energy Holdings to pay £99 million for Premier Power Limited - the company behind the gas-fired generation plant at Ballylumford.
Already owners of the Kilroot plant in Carrickfergus, the move will make AES the biggest energy producer in Northern Ireland.
If the deal is approved by the regulator and the Department of Enterprise, Trade and investment, AES's share of the all Ireland electricity market will rise to 15 percent.
Selling into the Irish single electricity market, the majority of Ballylumford's output is contracted to Northern Ireland Electricity.
Producing about a third of Northern Ireland's electricity, the plant employs around 140 people.
“Ballylumford power station will increase AES capacity while providing important fuel diversification and will complement our nearly two decades of operations experience serving the Northern Ireland market," said Paul Hanrahan, president and chief executive officer of AES.
“As a result of our strong liquidity and our familiarity with Northern Ireland, we were able to move quickly on the opportunity and acquire a business that complements our fleet.
“The Ballylumford acquisition will contribute accretive near-term earnings, creating value for our shareholders."
AES first moved into the international market when it purchased the Kilroot plant in 1992.
It now generates and distributes business in more than 30 countries around the world.
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