Turnaround for systems operator Soni as company announces profits of £9.5m
The company which operates the electricity grid in Northern Ireland has reported pre-tax profits of £9.5m.
Profits at Soni (System Operator Northern Ireland) this year are a contrast to losses a year earlier of £147,000.
A strategic report accompanying the latest results, for the year ending September 2015, said: "The increase in profits reflects the treatment of a regulatory over-recovery of £5.5m in 2015 and an under-recovery of £5.2m." Soni is regulated by the NI Utility Regulator, and also files separate regulatory accounts. The company is also the joint operator, along with Irish company EirGrid plc, of the Single Electricity Market organisation, covering the operational arrangements for the all-island system.
Soni is now a wholly-owned subsidiary of EirGrid UK Ltd which is, in turn, a subsidiary of EirGrid plc, registered in Dublin.
The business, which employs 129 people, will take part in phase one of a public inquiry held by the Planning Appeals Commission into the North-South interconnector tomorrow in Armagh City Hotel.