Rising costs dent profits at grid operator Eirgrid

Figures show that renewables produced 42% of electricity

A sharp rise in costs dented profits at national electricity grid operator EirGrid in the 12 months to the end of September, the State company’s financial year, new figures show.

Eirgrid’s annual report shows that revenues in its 2023 financial year rose to €1.14 billion from €861.6 million over the previous 12 months.

Profit before tax slipped about 40 per cent to €71.2 million in the 12 months to September30th from €115 million the previous financial year.

An EirGrid statement noted that higher operating costs “reflecting the increased scale and complexity of the business” and regulatory changes hit profitability.

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The report shows that Mark Foley, who stepped down recently as chief executive, received €300,000 from the State company, unchanged on the previous financial year.

That included salary of €221,000, benefits of €13,000 and pension contributions worth €66,000.

EirGrid paid chairman Brendan Tuohy €21,600 in fees. The company intends paying a €4 million dividend to the State, unchanged on last year.

Renewables generated 42 per cent of the electricity used in the Republic during the year, according to EirGrid.

Acting chief executive Martin Corrigan said the results showed “clear momentum” in projects that will play a key role in transforming the Republic’s electricity system.

Mr Tuohy noted that the company continued to meet the dual challenge of meeting Government climate targets while ensuring security of electricity supplies.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas