To ask the Minister for the Economy (i) whether Islandmagee Energy Limited has submitted the financial information required in accordance with Condition 1.2 of its gas licence; (ii) whether there is a penalty for those who do not comply with the conditions of a licence; and (iii) what criteria the Utility Regulator uses to assess the solvency and suitability of companies to hold a licence.

The Utility Regulator has not made any determination of non-compliance by Islandmagee Energy Ltd (IMEL) with the requirements of Condition 1.2. of its gas storage licence.

There are potential penalties for non-compliance with conditions of a gas licence. Further details are available on the Utility Regulator’s website at https://www.uregni.gov.uk/investigations-and-enforcement.

Schedule 2 of IMEL’s gas storage licence (when read with paragraph 4.7 of Schedule 1) sets out circumstances that might allow the Utility Regulator to move to revoke the licence, some of which relate to what might termed ‘solvency’. The licence is published at: https://www.uregni.gov.uk/publications/islandmagee-energy-limited-formally-called-islandmagee-storage-limited-gas-storage.

Any decision (and the matter is not under active consideration by the Utility Regulator for decision) to revoke the IMEL licence would be (a) informed by the requirements set out in Article 14 of the Energy (NI) Order 2003 and (b) published (with reasons) in accordance with Article 62(1) of the Energy (NI) Order 2003.