February 16, 2011
By Staff Reporter
The contract to operate an electricity network comprising 10 percent of the U.S. market was one of the biggest projects to involve ESB International, the company’s overseas subsidiary.
ESB International said it was disappointed as it would have successfully delivered the project, but it had not lost any money on the contract to date. Events outside its control had resulted in the contract being suspended, it added.
It recognized that since its selection as preferred bidder, the U.S. electricity market had undergone significant changes. It pointed out that the forthcoming U.S. energy bill would not, as had been anticipated, oblige electricity companies to join regional transmissions systems like the one ESB hoped to manage.
Described last November by ESB chief executive Padraig McManus as a “huge vote of confidence” for the company, the loss of such a potentially rich revenue source is a significant blow.
While the