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Energy firm Viridian sees revenue drop by 43pc

VIRIDIAN Power Ltd, the operator of the Huntstown power station in Dublin, suffered a 43pc drop in revenue last year, according to accounts filed with the Companies Registration Office (CRO).

Viridian Power is a subsidiary of Viridian Group, the UK-based company that sold Northern Ireland Electricity (NIE) to the ESB for £1.2bn (€1.4bn) earlier this month. The Huntstown power station operated by the firm is a gas-fuelled one.

Viridian Power was not included in the sale to the ESB and will remain a competitor to the state-owned power giant.

Accounts filed for the year ended March 31, 2010 show that revenue at the subsidiary fell from €262.5m to just under €150m. Profit after tax fell to €25m from €41m. Directors blamed falling electricity prices for the sharp fall in income.

However, a spokesman for the company said that much of the fall in income would be recouped by sister company Energia, which buys power from Viridian to sell to businesses and benefited from the lower prices it paid last year.

Irish Independent