The lack of movement in the peace process is damaging the local economy, a leading figure in the energy sector in Northern Ireland has said.
Mr David Hurley, chairman of the Coolkeeragh Group, which supports plans to extend a gas pipeline to the northwest, has called on the British government to decide sooner rather than later, and not to allow the scheme to become hostage to "political inertia".
"There are few, if any, who argue that this project should not proceed," Mr Hurley said. "But unfortunately, time is not on our side. I would make a very strong call on the government to recognise the urgency, and make a speedy decision to progress on both the gas pipeline and the new power station."
The electricity regulator, Mr Douglas McIldoon, is assessing proposals to extend the pipeline, and there had been hopes that he might recommend the best option within the next month. But the political stalemate is delaying the establishment of the Stormont executive, and this in turn makes an early decision unlikely.
The Coolkeeragh plan involves building a gas pipeline to the north-west, with the Coolkeeragh power station converting to gas. But with the station due to be decommissioned when the existing power generation contracts run out in five years, work on the conversion would have to start soon.
Managing director Mr Richard Sterling said the group had been developing plans for a modern gas-fired power station on the existing site.
"Such a development is recognised as the north-west's only opportunity to retain electricity generation as a major private sector industry in the region," Mr Sterling said. "Critical to the success of the project will be the construction of a natural gas pipeline to the north-west."
But he said the project would require regulatory approval, and a new contract with utilities group NIE - a complex process.
"The resolution of these issues could be complex and protracted and it is not helped by the delays in creating a new form of governance," said Mr Sterling.
The management-employee-owned group announced a pre-tax profit of £3.2 million (€4.8 million) for its first 11 months under the new ownership. The figures were 20 per cent down on the previous year because of a voluntary agreement made with the electricity regulator to cut charges in return for a longer contract.
The ESB is increasing its stake in Coolkeeragh from 25 per cent to 40 per cent in a deal worth £1.5 million. The ESB bought into Coolkeeragh in February last year, when management and employee shareholders bought out the equity interests of the three venture capital banks, which had taken a 40 per cent stake when the power station was privatised in 1992.
