A round-up of today'sother stories in brief
State warned on meeting energy needs
Ireland's ability to meet future energy needs has been called into question in a report published yesterday by Forfás. In its first Electricity Benchmarking Analysis Report, Forfás found the State to be one of the worst performers in terms of meeting industry electricity needs, when compared to 12 other benchmark countries.
Forfás estimates that the State has sufficient electricity generation capacity to meet demand until 2010, but warned that shortages could potentially occur in the winters of 2007 and 2008 if plants are closed or undergoing maintenance.
To ensure adequate capacity in the short to medium term, Forfás said the performance of existing plants must be improved and stabilised.
In addition, the report found that electricity price increases here in recent years have put the State at a competitive disadvantage in comparison to other EU countries. Since 2000, prices have risen almost 53 per cent, compared to a more modest increase of 28.9 per cent in the EU-15.
Oil rises $1 after Opec cuts output
Oil rose more than $1 to above $62 a barrel yesterday after the Organisation of Petroleum Exporting Countries (Opec) decided to cut its output by 2 per cent starting in February.
The front-month January contract for US light crude settled up $1.14, or 1.86 per cent, to $62.51 a barrel.
In London, the expiring Brent January crude contract rose 79 cents to $62.12 a barrel.
Opec decided to reduce production by 500,000 barrels per day (bpd), despite a warning by the International Energy Agency that a 1.2 million bpd cut that the cartel agreed to in October was already tightening the market.
Brokers' groups set to merge
The Irish Brokers Association (IBA) and the Professional Insurance Brokers Association (Piba) are set to merge into a single organisation which will represent independent brokers.
The two organisations said the decision to merge was driven by marketplace challenges. The first phase of merger negotiations has been successfully completed and the next phase will begin in the new year.
Hanly buys €55m Citywest site
The Hanly Group has acquired a 18.65-acre site in Fortunestown Lane, Citywest, Co Dublin, for €55 million from Davy Hickey Properties.
The land is zoned A1, which provides for new residential communities.
The site forms part of the Cooldown Commons Area Plan, which will set the framework for a new high-quality residential development. The plan will be rolled out on a phased basis, in conjunction with the construction of the proposed Luas extension to Saggart village.
Island Oil & Gas secures £7.5m loan
Exploration group Island Oil & Gas said yesterday it had secured a £7.5 million (€11.2 million) short-term loan facility from RMB Resources, part of the South African group First Rand.
The facility, which is repayable at any time up to the end of December next year, will be used mainly to continue Island's day-to-day exploration activities, including the drilling of wells in the Celtic Sea planned for next year. RMB will receive warrants to purchase shares in Island.
EirGrid to relocate to new offices
The independent electricity operator, EirGrid, has announced plans to move to a new office building. It has agreed terms on a long-term lease for a building in the new Oval Complex in Ballsbridge, Dublin. EirGrid's 200 staff, who are currently working in Fitzwilliam Street and Merrion Square, will be based there.
