ESB workers are to receive lump sums of between £300 and £800 for working on the millennium bank holiday.
However, more than 500 engineers are still threatening strike action because of a long-running dispute over salary structures.
Yesterday evening's agreement between the ESB and the unions on millennium pay provides for £800 for staff working shifts between 4 p.m. on New Year's Eve and 8 a.m. on New Year's Day, plus a "high tea allowance" of £15 each.
The lump sum works out at £100 an hour, exactly the amount health service workers are seeking for the millennium shift.
Their claim comes before the Labour Court today.
ESB staff working either side of the midnight shift will receive smaller amounts.
Those working between 8 a.m. and 4 p.m. on New Year's Eve will receive £500, as will staff working from 8 a.m. to 4 p.m. on New Year's Day.
Staff working between midnight and 8 a.m. on New Year's Eve will receive £300, as will staff who work from 4 p.m. until midnight on New Year's Day.
Staff on emergency call-out will receive £400, plus another £400 if they are required to work.
Staff on standby, who are less likely to be needed, will be paid £250.
All 650 ESB workers concerned will also receive normal bank holiday premiums plus a day off in lieu.
A spokesman for the board, Mr Michael Kelly, welcomed the resolution of the dispute and said that "very careful contingency plans have been put in place for the millennium".
The chief union negotiator, Mr Denis Rohan of the ATGWU, said the arrangements compared favourably with those agreed in a wide range of industries throughout Ireland and Britain.
ESB engineers are to resume talks with management on salary structures today.
Some progress was made yesterday, but the MSF branch secretary, Mr Paul Cronin, said last night that unless there was a breakthrough by mid-afternoon he would have to issue instructions to members tomorrow for industrial action.