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One-off nearly triples EirGrid's profits

Wednesday, April 30 16:43:23

Profits before tax for the year to 30 September 2013 at EirGrid were E61.1 million, up from E20.8 million the previous year thanks mostly to temporary regulatory revenues arising from the East West Interconnector.

Underlying profits in 2013 were E18.3 million, compared to E18.8 million in 2012.

It said the big jump in pre-tax profits was due to a timing difference between the commencement of tariff support for the project and the date of full operational performance. This will be returned to consumers in the short term, EirGrid said.

It added that that wholesale electricity prices in the Single Electricity Market on the island of Ireland are lower by 9pc since the EirGrid East West Interconnector (EWIC) commenced full commercial operations.

A dividend of E4 million was paid to the Government as EirGrid's shareholder.

EirGrid Chairman, John O'Connor, said 2013 was a significant year for EirGrid Group with the East West Interconnector commencing commercial operations, bringing wholesale prices down and facilitating imports and exports of power.

"EirGrid Group is responsible for ensuring that people, communities and businesses throughout the island of Ireland have a safe and reliable supply of electricity. This is the reason behind our work in strengthening the transmission grid. 2013 saw a strong reaction from the public to our major grid development projects, which has raised genuine and legitimate issues. We are committed to meaningful consultation with communities impacted by our projects and to learning from this experience, in developing the grid which is needed," he said.