2024
- Series 1 - EUR 335,989,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695) - GEM
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349) - GEM
- Series 4 EUR 300,000,000 3.25 per cent. Notes due 12 September 2030 (ISIN: XS2897313859) -- GEM
Gas Networks Ireland Chief Executive Officer to step down
Cathal Marley will step down from his role as Chief Executive Officer of Gas Networks Ireland effective from April 2025, to pursue a new career opportunity. Gas Networks Ireland is the utility company responsible for developing, maintaining and operating the gas transmission and distribution systems in Ireland. The Board of Gas Networks Ireland will shortly begin the process of seeking a suitable candidate to succeed Mr Marley.
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
- Series 3 EUR 300,000,000 0.125 per cent. Notes due 4 December 2024 - GEM (ISIN: XS2088659789)
Gas Networks Ireland publishes Directors' Report and Financial Statements for 2023
Gas Networks Ireland, the commercial semi-state company, that provides strategic national gas and wholesale high speed fibre infrastructure through its business Aurora Telecom has published its Directors' Report and Financial Statements for 2023. The annual report of Ervia, the previous holding company of Gas Networks Ireland, which was dissolved on 1 June 2024 and whose functions, assets, liabilities, records and staff transferred to Gas Networks Ireland as of that date under the Gas (Amendment) and Miscellaneous Provisions Act 2024, is also published.
Gas Networks Ireland operates and maintains Ireland's national gas network which is considered one of the safest and most modern renewables-ready gas networks in the world. In 2023 Gas Networks Ireland continued to play a pivotal role in Ireland's Energy system ensuring a continuity of service for customers by continuing to provide a safe and secure supply of gas in Ireland.
In 2023, the company continued to invest in essential capital infrastructure projects to further enhance the reliability and safety of Ireland's existing national gas network, which will transport large volumes of renewable gas in the future, in the form of biomethane and hydrogen. The capital investment included a continuation of rolling refurbishment and upgrade capital programmes, progression on several key strategic projects including the upgrades to the physical security of the network installations, as well as the extension of Aurora Telecom's national fibre network. As a vital national asset, the gas network transports approximately 31% of Ireland's primary energy needs and gas continues to be a major contributor to electricity supplies, generating 47% of electricity produced in Ireland in 2023. The variability of fuel types in the electricity generation mix, particularly wind and solar, saw gas electricity generation peaking at 89% of demand during 2023, reiterating the importance of having a flexible and reliable gas supply.
- Ervia's 2023 Annual Report & Financial Statements.
- Gas Networks Ireland's 2023 Directors' Report & Financial Statements.
2023
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
- Series 3 EUR 300,000,000 0.125 per cent. Notes due 4 December 2024 - GEM (ISIN: XS2088659789)
Ervia publishes Annual Report for 2022
Ervia, the commercial semi-state company, that provides strategic national gas and wholesale high speed fibre infrastructure and services in Ireland through its businesses Gas Networks Ireland and Aurora Telecom today published its Annual Report for 2022.
Gas Networks Ireland operates and maintains Ireland's national gas network which is considered one of the safest and most modern renewables-ready gas networks in the world.
In a challenging year, amid macroeconomic and geopolitical uncertainty, Gas Networks Ireland ensured a continuity of service for customers by continuing to provide a safe and secure supply of gas that underpins Ireland's energy needs.
In 2022, the company continued to invest in essential capital infrastructure projects to further enhance the reliability and safety of Ireland's existing national gas network, which will transport large volumes of renewable gas in the future, in the form of biomethane and hydrogen. The capital investment included a continuation of rolling refurbishment and upgrade capital programmes, progression on several key strategic projects including the upgrades to the physical security of the network installations, as well as the extension of Aurora Telecom's national fibre network.
As a vital national asset, the gas network transports approximately 32% of Ireland's primary energy needs and gas continues to be a major contributor to electricity supplies, generating 48% of Ireland's electricity in 2022. The variability of fuel types in the electricity generation mix, particularly wind and solar, saw gas electricity generation peaking at 92% of demand during 2022, reiterating the importance of having a flexible and reliable gas supply.
- Ervia's 2022 Annual Report & Financial Statements.
- Gas Networks Ireland's 2022 Directors' Report & Financial Statements.
2022
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
- Series 3 EUR 300,000,000 0.125 per cent. Notes due 4 December 2024 - GEM (ISIN: XS2088659789)
Ervia publishes Annual Report for 2021
Ervia, the commercial semi-state company that provides strategic national gas and wholesale high speed fibre infrastructure and services in Ireland through its businesses Gas Networks Ireland and Aurora Telecoms today published its Annual Report for 2021.
Gas Networks Ireland operates and maintains Ireland's national gas network, which is considered one of the safest and most modern renewables-ready gas networks in the world.
In 2021, the company invested significantly in essential capital infrastructure projects throughout the year to further enhance the reliability and safety of Ireland's gas network, which will be used to transport large volumes of renewable gas in future years in the form of biomethane and hydrogen.
This investment ensured a continuity of service for customers throughout the year and helped drive recovery in the wider economy in what was a challenging year.
The volumes of biomethane transported through the network grew during 2021 and Gas Networks Ireland looks forward to further growth in 2022.
Gas Networks Ireland also developed its Network Innovation Centre in Citywest, Co. Dublin, where it is now researching the potential of hydrogen and developing new processes and technologies that will accelerate the decarbonisation of Ireland's gas network.
Facilitating increased volumes of renewable gases on the national network will help decarbonise all sectors of the economy and is particularly important for reducing emissions in key sectors, such as agriculture, transport and high-heat industries.
As a vital national asset, the gas network transported 34% of Ireland's primary energy needs in 2021 and continued to be a major contributor to power supplies, generating 46% of Ireland's electricity.
The variability of fuel types in the electricity generation mix, particularly wind and solar, meant gas[1]powered electricity generation peaked at 84% of demand during 2021, reiterating the importance of having a flexible and reliable gas supply.
2021
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
- Series 3 EUR 300,000,000 0.125 per cent. Notes due 4 December 2024 - GEM (ISIN: XS2088659789)
Ervia publishes Annual Report for 2020
Ervia, the commercial semi-state company which provides strategic national gas, water and wholesale high speed fibre infrastructure and services in Ireland through its businesses Gas Networks Ireland, Irish Water and Aurora Telecoms, has today published its annual report for 2020. Ervia delivered a solid financial performance during 2020, resulting in a dividend payment of €71m to the Exchequer.
From the outset of COVID-19 in early 2020, Ervia recognised the potential impact of the pandemic on its employees, customers and wider community. Ervia implemented its business crisis management plans and rolled out a continuity response plan across its business units that saw all staff move to remote working and allowed for a continuation of critical water and gas services with no interruptions to normal services.
Commenting on the results, Ervia CEO, Cathal Marley, said: "Despite the operational challenges brought about by COVID-19 in 2020, Ervia Group and its subsidiaries delivered a resilient set of financial results. At Ervia, our focus remains on maintaining the supply of gas and water services to homes and businesses across the country. Looking forward to 2021 both Irish Water and Gas Networks Ireland will continue to play a pivotal role in enhancing the environment, leading the transition to a low carbon energy system, protecting precious water resources and increasing the resilience of Ireland's gas and water services."
Separation:
In 2018 the Government announced that Irish Water and Gas Networks Ireland would become standalone, publicly owned, commercial, regulated utilities in 2023.
The work programme addressing the legal, financial and operational arrangements required to establish two independent utilities is being progressed. Operational separation will be achieved in 2022. Full legal separation of Irish Water from Ervia is to be completed in 2023, with the integration of Ervia and Gas Networks Ireland to be completed sometime thereafter.
Gas Networks Ireland is a wholly owned subsidiary of Ervia, which operates and maintains Ireland's national gas network. In 2020, Gas Networks Ireland reported revenue of €447m, EBITDA of €265m and Profit before Tax of €111m. Gas Networks Ireland has a long-term credit rating of A with Standard & Poor's Global Ratings and A2 with Moody's Investors Service.
Gas Networks Ireland invested €112m in critical capital infrastructure projects which facilitated the connection of 8,091 new commercial and residential customers to the gas network as well as 635 GWh of new demand. In addition it expanded the availability of compressed natural gas as a transportation fuel with the construction of two new stations in Dublin and Limerick, and further enhanced the reliability and safety of the gas network, already considered one of the safest and most modern networks in the world.
Commenting on the 2020 Annual Report, Ervia Chief Financial Officer, Ronan Galwey, said:
"Ireland's national gas network continues to be the cornerstone of the Irish energy system and a key element of Ireland's energy security, representing 31% of the country's primary energy mix, 41% of heating and 52% of electricity generation - more than 85% at its peak on days when availability from wind and solar was low."
"Looking forward through 2021 and beyond, the gas network will to play a critical role in a cleaner energy future by meeting growing energy demand and ensuring security of supply as Ireland continues its transition to a low carbon energy system."
"Importantly the gas network will continue to decarbonise by gradually increasing the volume of renewable gases, such as biomethane and hydrogen, on the network. These renewable gases will help decarbonise all sectors of the economy, but are particularly important for reducing emissions in key sectors, such as agriculture, transport and high-heat industries."
2020
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
- Series 3 - EUR 300,000,000 0.125 per cent. Notes due 4 December 2024 (ISIN: XS2088659789)
Cathal Marley appointed Chief Executive Officer at Ervia and Board member
Ervia, the commercial semi-state company that provides strategic national gas and water infrastructure and services through its key subsidiaries, Gas Networks Ireland and Irish Water, has appointed Cathal Marley in the role of Chief Executive Officer. The Minister for Housing, Planning and Local Government, with the approval of Government, has appointed Mr Marley as a member of the Ervia Board.
Mr. Marley, who is the current Interim CEO, has made an enormous contribution to Ervia, supporting the company in the development and delivery of key strategies around water service delivery and the decarbonisation of the gas network; engaging with stakeholders on key policy issues and decisions; managing the challenges that Covid-19 has presented and leading Ervia and its subsidiary companies, Irish Water and Gas Networks Ireland, through a constantly changing environment. Mr Marley is also a director of both Gas Networks Ireland and Irish Water.
Speaking about the appointment, the Chair of the Ervia Board, Tony Keohane said,
"Cathal Marley's appointment is a huge endorsement by the Board and our shareholder of his work as Interim CEO during the past year and as Group CFO prior to this."
"In his role as CEO, Cathal will continue to work closely with the Board and the Executive team to deliver Ervia's strategic priorities alongside the critical gas and water services we provide to our customers and communities in Ireland."
Cathal Marley, a native of Donegal, joined Ervia in 2016 as Chief Financial Officer, and has over 20 years' experience in the utilities and infrastructure sector, having previously worked in senior roles across the electricity industry with ESB. He holds an MBA from Michael Smurfit Business School, UCD, is a Fellow of the Institute of Chartered Accountants, a Council Member of the IMI and a member of the DCU Audit Committee. His early career was spent with EY in Dublin and Eastern Europe.
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
- Series 3 EUR 300,000,000 0.125 per cent. Notes due 4 December 2024 - GEM (ISIN: XS2088659789)
Ervia publishes Annual Report for 2019
Ervia, the commercial semi-state company which provides strategic national gas, water and wholesale high speed fibre infrastructure and services in Ireland through its businesses Gas Networks Ireland, Irish Water and Aurora Telecoms, has today published its annual report for 2019. Ervia delivered a solid financial performance during 2019, resulting in a dividend payment of €139m to the Exchequer including a further special dividend of €85m relating to the sale of the Bord Gáis Energy business.
Gas Networks Ireland the wholly owned subsidiary of Ervia, which owns and operates the gas network in Ireland reported Revenue of €470m, EBITDA of €284m and Profit before Tax of €127m in 2019. Gas Networks Ireland also invested €110m in critical capital infrastructure projects during the year which facilitated the connection of new customers to the gas network, expanded the availability of compressed natural gas as a transportation fuel and improved the reliability and safety of the gas network. In December 2019, Gas Networks Ireland completed a €300 million bond issuance which was well received by investors. Gas Networks Ireland has a long term credit rating of A with S&P Global Ratings and A3 with Moody's Investors Service. In 2019 Gas Networks Ireland published 'Vision 2050', a strategic plan which outlines the company's vision on how it can migrate to a carbon neutral gas network by 2050. Vision 2050 will shape our future development and play a major role in decarbonising Ireland's economy and society over the coming decades.
Ervia has a pivotal role to play in enhancing the environment, leading the transition to a low carbon energy system, protecting precious water resources and increasing the resilience of Ireland's gas and water services. It will continue to develop and deliver its capital investment plans to align with the policy initiatives laid out in Project Ireland 2040 , Ireland's Climate Action Plan 2019 and the National Development Plan 2018-2027.
2019
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
Ervia publishes Annual Report for 2018
Ervia, the commercial semi-state company which provides strategic national gas and water infrastructure, has today published its annual report for 2018 and signalled its commitment to protect precious resources and lead on decarbonisation, while supporting economic growth through a significant capital investment programme.
The annual report shows stable revenue of just under €1.5 billion in 2018, with dividends of €139 million paid to the exchequer. Capital investment in critical infrastructure increased by 23% during the year, with total capital investment coming to €826 million. The Government's funding of Irish Water in 2018 amounted to €1.1bn which represented over 80% of Irish Water's total funding.
Gas Networks Ireland invested €143 million in critical infrastructure on the gas network and in growing new connections, as well as highlighting the role of natural gas in the transition to a low carbon economy. The capital investment programme included the twinning and commissioning of the new 50km gas pipeline between Cluden and Brighouse Bay in Scotland, which is reinforcing security of gas supply across the island of Ireland and boosting the operational flexibility of the Irish gas network.
Irish Water invested €683 million in providing a safe and secure supply of water and in addressing compliance issues. Capital delivery included the award-winning Kerry Central Regional Water Supply Scheme at Lough Guitane, which is providing a safe and secure supply of water to over 62,000 people in Kerry.
Commenting on the publication of the Ervia annual report, interim CEO Cathal Marley said: "Ervia is investing heavily in Ireland's water, wastewater and gas infrastructure. With the impact of climate change, the forecast increase in population and the pace of economic development, demand for water is increasing. We are committed to delivering the significant investment in water infrastructure as set out in the National Development Plan and Project 2040.
"Looking to the future, we have a world class, state-owned gas network which can be leveraged to play a critical role in addressing the decarbonisation challenges across the electricity, transport, heating and agricultural sectors."
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349) (the "Notes")
Ervia Group Chief Executive Officer to step down in April 2019
Mike Quinn has decided to step down from his role as Group Chief Executive Officer of Ervia, the multi-utility company responsible for developing Ireland's gas and water infrastructure and parent company of Gas Networks Ireland and Irish Water, during the month of April 2019. The Board of Ervia will now begin the process of seeking a suitable candidate to succeed Mr Quinn.
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
2018
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349) (the "Notes")
- Ervia reports a strong 2017 across its three operating businesses, Irish Water, Gas Networks Ireland and Aurora Telecom (a division of Gas Networks Ireland)
- Profit before tax and exceptional items increases by €148 million to €351 million. There was a reduction in operating costs of €56 million. Total revenues of €1.5 billion and a dividend of €148 million paid to the Exchequer
Ervia publishes Annual Report for 2017
Ervia, the commercial semi-state company responsible for Ireland's national gas, water and dark fibre infrastructure, today published its Annual Report for 2017. The company made significant capital investments of €673 million in nationally critical gas and water infrastructure projects to support the Irish economy during the year, while showing a profit before tax of €351 million.
2017 reflected a solid performance financially and operationally across its three businesses, Irish Water, Gas Networks Ireland and Aurora Telecom (a division of Gas Networks Ireland). The company recorded revenues of €1.5 billion, an increase of €82 million on 2016 and a year on year reduction in operating costs of €56 million.
Ervia paid a dividend to the Exchequer of €148m in 2017, bringing total dividends paid to €1.5 billion since the establishment of Bord Gáis Éireann (now Ervia). Any surplus arising in Irish Water is re[1]invested directly in delivering critical water and wastewater infrastructure. Net debt remained relatively stable at €1.9 billion.
Ervia now employs over 1,700 people, serving 1.7m customers 24/7, 365 days a year.
Ervia continued to expand the national gas network and work to address the historic underinvestment in Ireland's water infrastructure by making capital investments in nationally critical projects, spending €673m and bringing total assets to €5.1 billion in 2017. These include:
- Gas Networks Ireland invested €147 million in gas infrastructure including the completion of 29km of the 50km twinning pipeline to Scotland, which will reinforce security of supply to Ireland.
- Irish Water invested €526 million in improving drinking water quality and the safe disposal of wastewater. Some 33 public water supplies were removed from the Remedial Action List of the Environmental Protection Agency during 2017, and Irish Water also launched a leak reduction programme. Major investment projects for 2017 included Vartry Water Supply Scheme, Cork Lower Harbour and a New Water Supply project for the Eastern and Midlands Region amongst others.
- Aurora Telecom, Ervia's dark fibre broadband business, finalised construction plans for a return path of its Dublin to Cork network, reinforcing its position as a major telecoms infrastructure provider in the Irish market.
Commenting on the publication of the Ervia annual report, CEO Mike Quinn said: "The progress we made in 2017 highlights the business' unique opportunity to support economic and social development in Ireland. There are challenges ahead, both in terms of transforming our water and wastewater network and on projects to decarbonise the gas network. However we have ambitious targets for 2018 and we will continue to drive and inspire our operational and strategic goals. I believe that by continuing to work together we will deliver on our promisesto our customers and communities around Ireland while growing our business and building trust and confidence in who we are, what we do and why we do it."
Gas Networks Ireland's 2017 Financial Statements
2017
- Series 1 - EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 - EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349) (the "Notes")
Ervia Publishes Annual Report for 2016
Ervia today publishes its Annual Report for 2016, the third full year of operations for the multi-utility company responsible for Ireland's national gas and water infrastructure. Ervia delivers its services through two operating companies, Gas Networks Ireland and Irish Water.
In 2016, Ervia continued to address the underinvestment in Ireland's water and waste water infrastructure, and expand the national gas network. Ervia is one of Ireland's largest indigenous companies with 1,621 direct employees in 2016 and a further 5,700 employed in partner companies directly involved in providing services to its 1.67m customers.
Ervia delivered a solid financial performance in 2016 with revenue up 5% to €1,404m helped by the continuing development of Irish Water and stable performance at Gas Networks Ireland. Profit before tax rose 35% to €203m, with profits in Gas Networks Ireland up 10% in the prior year and Irish Water up 218% to €54m. Any surplus earned at Irish Water is reinvested directly to fund critical infrastructure projects. In 2016, Ervia paid a dividend to the Exchequer of €135 million, all of which was earned through operating Ireland's national gas network.
Gas Networks Ireland received a credit rating upgrade from Moody's and raised €625m in two well received bond issues. This supported the delivery of €125m in capital investment, and the continued operation of Ireland's natural gas network to the highest safety standards. Network investment achievements included the completion of the 46km gas main extension to Wexford Town and commencing construction on a 50km twinning gas pipeline with Scotland. Thanks to the development of Corrib, ongoing investment in infrastructure and the imminent arrival of renewable gas on the network, Ireland's gas supply has never been more secure. There are over 680,000 natural gas customers in Ireland with natural gas now available in 20 counties.
In 2016 Gas Networks Ireland also celebrated 40 years in existence since it was established in 1976 to ensure a modern gas transmission and distribution network throughout Ireland. In 2016 Irish Water delivered significant benefits to customers from its targeted investment programme which will invest a total of €5.5bn in Ireland's water and waste water infrastructure, under the Irish Water Business Plan to 2021. Investment of €459m in critical infrastructure in 2016 has delivered important improvementsin drinking water quality. The majority of remaining long-term Boil Water Notices which affected over 16,000 people in 2015, were lifted in 2016. Irish Water also reduced the risk of drinking water contamination at 37 Water Treatment Plants, removing them from the Environmental Protection Agency's Remedial Action List in 2016. Investment in the Water Conservation and First Fix schemes for leakage repair and reduction meant that Irish Water was saving 77.3m litres of clean treated drinking water every single day. In 2016 the process of transferring responsibility for business customers from Local Authorities to Irish Water started, and by year end customers of 24 Local Authorities had been migrated. The government confirmed during 2016 that any impact from the suspension of domestic water billing was to be offset by increased Government subvention income.
Commenting on the publication of the 2016 Ervia Annual Report, Sean Casey, acting Group Chief Executive of Ervia said: "Only three years into its existence, Ervia has made significant progress in establishing a new stateowned multi-utility with technical, engineering and financial capability to deliver essential services to our customers. We have delivered a solid financial performance and met the needs of our 1.7m customers. I am especially proud of the capital investment we have delivered during the year, which has helped us to extend the gas transmission network into new towns, and started addressing the decades of under investment in Ireland's water and waste water infrastructure."
- Ervia's Annual Report 2016
- Irish Water's Annual Report 2016
- Gas Networks Ireland's 2016 Financial Statements
- Series 2012-1 EUR 500,000,000 3.625 per cent Notes due 4 December 2017 (ISIN: XS0858803066)
- Series 1 EUR 500,000,000 1.375 per cent. Notes due 5 December 2026 (ISIN: XS1529684695)
- Series 2 EUR 125,000,000 2.250 per cent. Notes due 5 December 2036 (ISIN: XS1529684349)
Appointment of new Ervia Group CEO
Ervia, the parent company of Gas Networks Ireland, has today confirmed that Mike Quinn has been appointed as CEO following a competitive recruitment process undertaken by the Board of the commercial semi-state gas and water utility.
Mr. Quinn takes up the role on a 7 year contract beginning in October following the departure of outgoing CEO Mr. Michael McNicholas who stepped down from the role at the end of May.
Mr. Quinn joins Ervia from Bord na Mona where he has held the position of Managing Director since February 2015. Before joining Bord na Mona Mr. Quinn was Vice President of Precision Castparts (PCC), a worldwide group of 5 companies, headquartered in the US. Prior to joining PCC he held various senior management positions in Tellabs, Stryker and Lufthansa Tecknik.
Commenting on today's announcement, Ervia Chair Tony Keohane said "We are extremely fortunate to have someone of Mike's calibre joining our company and at such a pivotal time. Ervia is responsible for our national gas networks and Ireland's public water and wastewater infrastructure and services. Transforming how we deliver Ireland's water services is a major challenge but vitally important to the success of the economy. Equally, transitioning our gas business to meet the needs of a low carbon economy presents enormous opportunities. Mike Quinn bring to Ervia the experience and commitment to lead our company through its next phase delivering on these significant challenges for Ervia and for Ireland."
Responding to the Chairman's comments Mike Quinn said "I am delighted to be taking on the role of Ervia CEO at this time. As one of Ireland's largest and most important companies Ervia has an enormous responsibility and an unrivalled opportunity to deliver the gas and water infrastructure Ireland needs to grow and thrive into the future while protecting and maximising our wealth of natural assets for future generations."
Tony Keohane added. "I want to thank our outgoing CEO Michael McNicholas and wish him every success as he departs Ervia after 4 years. He has made an enormous contribution to this company and I know my colleagues on the Ervia Board and the senior team across Ervia join me in wishing him the very best for the future."
- Gas Networks Ireland (the "Issuer")
Home Member State
In accordance with Regulation 2A(4)(a) of the Transparency (Directive 2004/109/EC) Regulations 2007 of Ireland (as amended) (the "Regulations"), the Issuer wishes to announce that the home Member State of the Issuer for the purposes of the Regulations is Ireland.
2016
- Series 2012-1 EUR 500,000,000 3.625 per cent Notes due 4 December 2017 originally issued by Ervia (then known as Bord Gáis Éireann) and assumed with effect from 1 August 2015 by Gas Networks Ireland (the "Notes") (ISIN: XS0858803066)
NOTICE IS HEREBY GIVEN that, pursuant to Condition 7.3 (Redemption at the option of the Issuer (Issuer Call)) of the terms and conditions of the Notes (the "Conditions") (as supplemented by Paragraph 20 of the Final Terms), Gas Networks Ireland will exercise its option to redeem in full all of the outstanding Notes on 29 December 2016 (the "Optional Redemption Date") at the Optional Redemption Amount, together with accrued interest up to, but excluding, the Optional Redemption Date.
The Optional Redemption Amount has been calculated in accordance with the Final Terms and is 104.213 per cent of the outstanding principal amount of the Notes on the Optional Redemption Date.
Terms used but not defined in this notice shall have the meanings given to them in the Conditions.
For and on behalf of
GAS NETWORKS IRELAND
- Series 2012-1 EUR 500,000,000 3.625 per cent Notes due 4 December 2017 originally issued by Ervia (then known as Bord Gáis Éireann) and assumed with effect from 1 August 2015 by Gas Networks Ireland (the "Notes") (ISIN: XS0858803066)
NOTICE IS HEREBY GIVEN that Gas Networks Ireland intends to issue a notice on 12 December 2016 notifying Noteholders that, in accordance with Condition 7.3 (Redemption at the option of the Issuer (Issuer Call)) of the terms and conditions of the Notes (the "Conditions") (as supplemented by Paragraph 20 of the Final Terms), it will exercise its option to redeem in full all of the outstanding Notes on 29 December 2016 (the "Optional Redemption Date") at the Optional Redemption Amount, together with accrued interest up to, but excluding, the Optional Redemption Date.
For the purposes of calculating the Optional Redemption Amount in accordance with the Final Terms, today 7 December 2016 shall be the Reference Date (as defined in Paragraph 20 of the Final Terms).
Terms used but not defined in this notice shall have the meanings given to them in the Conditions.
For and on behalf of
GAS NETWORKS IRELAND
- Series 2012-1 EUR 500,000,000 3.625 per cent Notes due 4 December 2017 (the "Notes") (ISIN: XS0858803066)
Ervia Group CEO to step down in May 2017
Michael McNicholas has decided to step down from his role as Group Chief Executive of Ervia, the multi-utility company responsible for developing Ireland's water and gas infrastructure and has set a date of May 2017 for his exit. Ervia is the parent company of Gas Networks Ireland. The Board of Ervia will now begin the process of seeking a suitable candidate to succeed Mr McNicholas.
Commenting on the CEO's decision, the Chairman of Ervia, Mr. Tony Keohane said: "While we respect Michael's decision, we very much regret losing someone of his calibre from our organisation. Michael has played a key role in the establishment of Ervia and has led the company on a complex and demanding journey from its origins in Bord Gáis Éireann that involved the sale of the Bord Gáis Energy business, the formation of Gas Networks Ireland and Irish Water, and the formation of a high quality team to continue to develop the State's gas network and to carry out the major transformation and rehabilitation of the State's water infrastructure. We thank Michael for his enormous contribution to the company and appreciate that he is keen to ensure a planned transition and an orderly handover to a new Group CEO."
Confirming this announcement Mr. McNicholas said: "The decision to leave Ervia has not been an easy one. While my time at the company has been very challenging it has also been very rewarding. I have had the privilege of working with exceptional people who have given everything they can to make this company successful. Indeed many have gone far beyond what is reasonable to expect, and I and the Board of Ervia owe each of them a debt of gratitude."
"There are many reasons to stay, not least the tangible benefits of the hard work of this great team that are beginning to come to fruition. My reasons for leaving are purely personal, there are other opportunities I wish to explore in my career and personal life and this decision affords me the time and space to do this."
Mr McNicholas will have served for four years as Ervia Group CEO in May 2017.