Mutual Energy

Mutual Energy are, as the name would suggest, a mutual company. Our mission is to get electricity and gas prices as low as possible for the consumer. Mutual Energy plays a key strategic role in the Northern Ireland energy sector. We run the Moyle Interconnector, which is one of the main electricity assets, and three of the four gas pipelines. These are the transmission pipelines, which transport all the gas into Northern Ireland. Barclays Bank has helped support us from the very beginning as we've evolved and get involved in different transactions and different types of assets Barclays Bank has been our bank all the way through. It's not just the difficult transactions that we need to get right. The day-to-day stuff has to work. And Barclays have been very, very good with that from day one. You get someone on the phone when you need them and small things get sorted out and don't take up time that you don't have. And having that combination is not something that every bank will do. It's important to find the right banking partner because our business needs change over time. As we move towards net zero, the types of assets that we'll have to invest in will change as well. So as Mutual Energy have grown and developed over time, Barclays has been able to support Gerard and his senior team at Mutual with long-term financing, and also short-term working capital requirements. We bring them opportunities to access markets and longer-term financing. And this is to ensure that there's resilience in the electricity supply and infrastructure across Northern Ireland and the wider economy. As the UK’s transitions towards net zero, the energy system is changing. The future will see an increase in renewable energy sources coming online, including wind, hydro and solar. This will require the development of new infrastructure assets to ensure a consistent energy supply that can meet growing demand. We currently have two large energy storage projects in development and will continue to need Barclays’ support as we grow, helping us finance innovative, large-scale energy infrastructure projects to meet the needs of the UK's evolving electricity and gas network. Barclays are helping solve the complex challenge of an expanding energy system by supporting Mutual Energy.