Belfast based natural gas company Phoenix Supply Ltd has announced that it has set up a new subsidiary, called Phoenix Energy Ltd, to supply natural gas to customers in the South of Ireland.
The news follows Phoenix Supply announcing a substantial 22.1% reduction in its tariffs for over 120,000 homes and businesses in the North making it the first major gas supplier in the UK and Ireland to announce a major price reduction this year. The average bill of Phoenix Supply customers is around 25% lower than the average bill in the South.
Phoenix, who are the largest natural gas supplier in the North, are owned by private equity giants Terra Firma - who, amongst other interests, also own music label EMI, the Odeon cinema chain and the third largest aircraft leasing business in the world, Pegasus.
David Strahan, General Manager of Phoenix Energy Ltd, stated:
"Plans are at an advanced stage for us to be supplying customers next year and we look forward to offering those in the South real choice, value for money and excellent customer service. We hope to secure our first customers early in 2009 as many business users are keen to benefit from lower prices and improved levels of service."