A round up of today's other stories in brief
Electricity prices to increase 19.7%
The Commission for Energy Regulation (CER) has approved an average 19.7 per cent increase in electricity prices to be charged by ESB Customer Supply from January 1st next year. Despite significant falls in market fuel prices in recent weeks, the CER has defended the decision yesterday to formally approve the price rise.
The most recent analysis indicates that 2007 fuel costs - and, as a result, electricity prices - would not change substantially as a result of falling gas and oil prices, it said. The CER said there would be a decrease of just €9 million out of a total bill of €495 million for 2007, citing two key reasons. The price of coal has increased compared to the forward price assumed in the 2007 tariffs, which largely outweighs the benefits of declining oil and gas prices.
It also said that the electricity price in 2007 will recover a price lag or deficit of €150 million incurred by the ESB in 2005 and 2006, according to the CER.
Tullow stops work at Ugandan well
Tullow Oil yesterday released an update on the Kingfisher-1 exploration well in Uganda, in which it has a 50 per cent stake with partner Heritage Oil.
The company said that Heritage, which operates the offshore site, has temporarily suspended drilling operations at the well to test it for oil and gas. Hydrocarbons have already been encountered in part of the well.
The testing is expected to start within a month and will take a maximum of three weeks.
B of I appoints deputy governor
Bank of Ireland has appointed George Magan as deputy governor and Caroline Marland as senior independent director. Both appointments are with immediate effect.
Mr Magan joined the bank's board in 2003 and was appointed senior independent director in July 2005. He is a partner in Rhone Group, a private equity company which has its headquarters in New York and chairman of Morgan Shipley, an investment banking company based in Dubai.
Ms Marland joined the Bank of Ireland board in 2001. She is a director of Virgin Mobile Holdings (UK) plc.
Ryanair's Madrid base to cost €210m
Ryanair will invest €210 million to create its 18th European and second Spanish base in Madrid. The company will operate three new aircraft and 14 routes from the new base, carrying one million passengers a year from November 22nd.
Diamond firm names director
AIM-listed Conroy Diamonds & Gold has named David Wathen as a non-executive director.
Mr Wathen, who is currently a partner at Redmayne Bentley stockbrokers in Sheffield in the UK, will take up the position immediately.
