A body set up to promote the interests of consumers has bid almost £125 million for the link carrying electricity from Britain to Northern Ireland, it emerged today.
The Consumer Power Corporation, which consists of members of the business, voluntary and trades union sectors, has tabled an offer of £124.88 million for the Moyle Interconnector.
The offer equals the purchase price determined in talks between the underwater pipeline's owner Northern Ireland Electricity (NIE) and the electricity regulator, OFREG.
The Consumer Power Corporation says if its bid is successful the deal will be completed by March 31st.
Sir George Quigley, the corporation's chairman, said: "This would ensure that the consumer interest is at the heart of the new arrangements and that the business is run in a thoroughly commercial way and thereby delivers maximum cost savings for consumers".
But Sir George said the deal worked out between NIE and OFREG was not attractive enough for today's consumers who are burdened by exceptionally high electricity prices.
He said: "The savings are largely back-end loaded, which means that the prime beneficiaries will be those consumers who are around after the year 2033.
"Consumer Power Corporation is advised that, if the deal were restructured to re-phase the savings, these could be some two-thirds higher over the first fifteen years".
The corporation will pay for the pipeline by a debt market financing transaction, or bond issue, whereby it will pay back the money to its bank with the revenue generated by the interconnector.
PA