THE ESB owns Northern Ireland’s electricity networks after formally completing an agreed deal to buy the business from its owner, Viridian, for just over €1.2 billion.

State-owned ESB and its rival Viridian said yesterday they had completed the deal, which was originally agreed in July of this year and was subsequently passed by the Competition Authority.

Its completion means the ESB has taken over Northern Ireland Electricity, which runs the region’s electricity networks business, and its subsidiaries, NIE Powerteam and Powerteam Electrical Services, which provide electrical construction and maintenance.

The ESB therefore owns the electricity transmission and distribution networks throughout the island. While the Government has plans to transfer ownership of the Republic’s national grid to another State body, Eirgrid, which manages the system, a recent report concluded this step may not be necessary.

ESB chief executive Padraig McManus said the company was delighted with the acquisition.

Viridian group chairman Patrick Haren said the company intended to focus on its electricity generation and energy supply businesses.