“Global” valuations are the valuations of certain designated public utility undertakings in the State. Global valuations are carried out on a five-yearly cycle as provided for by section 53(6) of the Valuation Act 2001 as amended by the Valuation (Amendment) Act 2015. The global valuation process is also deployed in other common law jurisdictions and is an efficient mechanism for valuing public utility undertakings with a national or regional network.
The Global valuation process relates solely to the physical network occupied by the particular public utility undertaking and used by it for its principal objects or purposes such as the supply of electricity or gas or the provision of telecommunications services or public transport services. These Global valuations cover all the physical networks and systems such as pipelines, rail lines, cables, masts, posts, pylons, wires and all other ancillary constructions and buildings which are used by the utility and which are necessary to deliver its service from the point of origin to the consumer. It is important to note that the global valuation does not include the valuation of other properties such as retail units or offices or industrial space occupied by the undertaking and not used by it for the above purposes. These other properties operated by the public utility are valued outside of the global valuation framework and in the same manner as properties occupied by other businesses.