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Press Release
8 October 2018

Further to the announcement by the Commission for Regulation of Utilities (“CRU”) on 5 October 2018, Viridian confirms that it entered into Local Reserve Service Agreements (“LRSAs”) for the Huntstown plants ahead of I-SEM go-live on 1 October 2018. 

The four year[i] LRSAs will ensure that the Huntstown plants continue to be available to meet security of supply in the Dublin area whilst providing sufficient remuneration to the plants for the services being provided in the new I-SEM market.  The €140m impairment write down of the carrying value of the plants taken at 31 March 2018 will remain unchanged.

Viridian have been able to accept the I-SEM related generating licence modifications, required by the CRU, previously challenged by Viridian. Viridian has also removed the protective notice of redundancy for relevant Huntstown staff, ending the period of uncertainty over the future of the Huntstown plants.

Following the expiry of the LRSAs in four years time, Viridian has agreed to potentially make a proportion of Huntstown’s firm access rights to the transmission system available to EirGrid for a period of two years to facilitate EirGrid in alleviating the Dublin transmission constraints. 

Forward-Looking Statements
 
This press release may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes, ‟estimates”, ‟anticipates”, “expects, ‟intends”, ‟may”, ‟will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding Viridian or its affiliates’ intentions, beliefs or current expectations concerning, among other things, Viridian or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Viridian or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if Viridian or its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
 
[i] Period commencing 1 October 2018 to 30 September 2022

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