Viridian believes results will meet expectations

Electricity generator Viridian expects results for the six months to the end of September to be in line with expectations, despite problems that hit output at its Dublin plant.

The listed company, with operations north and south of the Border, issued a trading statement yesterday ahead of a closed period before the publication of the interim figures in November.

Viridian said reduced tax charges and a net pension scheme credit would offset lower-than-expected contributions from its power and energy division, which was hit during the quarter by problems at its Huntstown power plant in Dublin.

The problems halted operations for 19 days in April, and limited output for 18 days the following month.

"As a result of these planned outages, Viridian Power & Energy's contribution will be lower than last year," the company said.

The group said its second generator at Huntstown was due to come on stream in autumn 2007. To date, it has invested €45 million of a planned total of €250 million in the second plant.

Viridian said it remained committed to increasing dividend payouts to shareholders. It intends growing annual dividends at a rate of 6.5 per cent for the four-year period to March 2010.

Viridian said regulators on both sides of the Border had agreed to extend the deadline for the introduction of an all-island electricity market from July next year to the following November.