On 9 March 2022, we published our draft price control determination for Northern Ireland’s gas distribution network operators (GDNs) - firmus energy (Distribution) Limited, Phoenix Natural Gas Limited and SGN Natural Gas Limited
Since the publication of our draft price control determination, we have identified an error in the calculations of a technical financial metric relating to the interest cover for GDNs.
Despite the calculation error, we consider that all three GDNs remain capable of financing their activities during the GD23 period via a prudent choice of capital structure. Moreover, the correction of the error in the calculation of PMICR does not require any changes to our draft price control determination.
Updated financial models are being published alongside this addendum.