Viridian Group
Encyclopedia
Viridian Group plc is a Northern Ireland-based energy business with interests in both Northern Ireland
and the Republic of Ireland
. Viridian organises its business in two main groups: Power NI and Viridian Power & Energy.
Power NI Power Procurement Business manages the group's Power Purchase Agreements.
Power NI was the former customer supply business of Northern Ireland Electricity
, known originally as NIE Supply and then after its separation from the rest of NIE, as NIE Energy. Both it and the Power Procurement Business "were separated from NIE on 1 November 2007 in accordance with the requirements of the 2003 EU Electricity Directive which required the independence of the distribution system operation function.". In 2010 Viridian sold Northern Ireland Electricity, including the NIE name, to the Electricity Supply Board
. As a result NIE Energy was no longer allowed to use the NIE name, and it rebranded as Power NI on 25 July 2011.
On 6 October 2006 Viridian's board agreed the acquisition of the group by ElectricInvest, a company owned by the international investment firm Arcapita
. The acquisition, which valued Viridian at £1.62 billion, was completed on 8 December 2006.
On 6 July 2010, Viridian agreed to sell Northern Ireland Electricity - including NIE Powerteam, but excluding NIE Energy - to the Electricity Supply Board in the Republic of Ireland
. The acquisition was completed in December 2010. .
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
and the Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
. Viridian organises its business in two main groups: Power NI and Viridian Power & Energy.
Businesses
Viridian's strategy is strongly focused on Irish energy markets. Its businesses are organised in two main groups:Power NI and Viridian Power & Energy.Power NI
Power NI supplies nearly 800,000 homes and businesses in Northern Ireland with electricity.Power NI Power Procurement Business manages the group's Power Purchase Agreements.
Power NI was the former customer supply business of Northern Ireland Electricity
Northern Ireland Electricity
Northern Ireland Electricity Limited is the electricity asset owner of the transmission and distribution infrastructure in Northern Ireland. NIE does not own generate or supply electricity. NIE is a subsidiary of ESB Group....
, known originally as NIE Supply and then after its separation from the rest of NIE, as NIE Energy. Both it and the Power Procurement Business "were separated from NIE on 1 November 2007 in accordance with the requirements of the 2003 EU Electricity Directive which required the independence of the distribution system operation function.". In 2010 Viridian sold Northern Ireland Electricity, including the NIE name, to the Electricity Supply Board
Electricity Supply Board
The Electricity Supply Board , is a semi-state electricity company in Ireland. While historically a monopoly, the ESB now operates as a commercial semi-state concern in a liberalised and competitive market...
. As a result NIE Energy was no longer allowed to use the NIE name, and it rebranded as Power NI on 25 July 2011.
Virdian Power & Energy
Viridian Power & Energy generates electricity through Huntstown power plant and Eco Wind Power, while Energia provides gas and electricity to commercial customers.History
Viridian was formed in 1998 as a holding company for Northern Ireland Electricity plc, the purpose of the reorganisation was to "step up the move into unregulated markets and for expansion overseas." NIE was a public utility which was privatised in 1993. Formerly a vertically integrated monopoly, NIE's power stations were demerged and sold prior to privatisation.On 6 October 2006 Viridian's board agreed the acquisition of the group by ElectricInvest, a company owned by the international investment firm Arcapita
Arcapita
Arcapita Inc. is a Delaware-incorporated holding and real estate company, headquartered in Atlanta, Georgia....
. The acquisition, which valued Viridian at £1.62 billion, was completed on 8 December 2006.
On 6 July 2010, Viridian agreed to sell Northern Ireland Electricity - including NIE Powerteam, but excluding NIE Energy - to the Electricity Supply Board in the Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
. The acquisition was completed in December 2010. .
See also
- Energy policy of the United KingdomEnergy policy of the United KingdomThe current energy policy of the United Kingdom is set out in the Energy White Paper of May 2007 and Low Carbon Transition Plan of July 2009, building on previous work including the 2003 Energy White Paper and the Energy Review Report in 2006...
- Energy use and conservation in the United KingdomEnergy use and conservation in the United KingdomEnergy use in the United Kingdom stood at 3,894.6 kilogrammes of oil equivalent per capita in 2005 compared to a world average of 1,778.0. In 2008, total energy consumed was 9.85 exajoules - around 2% of the estimated 474 EJ worldwide total...
- Green electricity in the United KingdomGreen electricity in the United KingdomThere are a number of suppliers offering 'green' electricity in the United Kingdom, either supplying electricity from existing environmentally friendly energy sources, promising to invest a proportion of profits into new renewable energy generating capacity, carrying out carbon offsetting, or some...
- Electricity sector in Ireland