Moyle Interconnector (Financing)PLC Restrictions on interconnector capacity, NI to GB (2735Z)

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RNS Number : 2735Z

Moyle Interconnector (Financing)PLC

21 January 2022

Moyle Interconnector Financing plc

Restrictions on interconnector capacity from Northern Ireland to Great Britain

Since 6 September 2021 the Northern Ireland system operator, SONI Limited, has been periodically restricting the flows of power from Northern Ireland to Great Britain on the Moyle interconnector, the main asset owned by Moyle Interconnector Financing plc's subsidiary, Moyle Interconnector Ltd. The due date for payment of associated compensation due under the Moyle Interconnector Operation and Agency Agreement between SONI Limited and Moyle Interconnector Limited was 20 January 2022 and no payment has yet been received. We are continuing to investigate the reasons for the restrictions with SONI Limited and pursuing payment of amounts due. SONI Limited has advised that it is still consulting with the Regulatory Authorities on the matter. Our total forecast for the amounts due over the year 2021/22 are in excess of GBP10m. The existing protections under the transmission licence of Moyle Interconnector limited remain unaffected and should non-payment cause an under-recovery of Moyle's allowed recovery, the deficit will be recovered from suppliers, and ultimately all customers in Northern Ireland via the existing mechanisms.

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January 21, 2022 08:52 ET (13:52 GMT)