Eirgrid sees profits rise to €61.1m in 2013

Wednesday 30 April 2014 16.43
Eirgrid said its revenues rose largely because of the East-West Interconnector becoming operational
Eirgrid said its revenues rose largely because of the East-West Interconnector becoming operational

Eirgrid, the semi-State company which operates the electricity transmission network, paid a €4m dividend to the Government last year.

The company made a pre-tax profit of €61.1m last year, up from €20.8m in 2012.

Eirgrid's revenues, primarily from regulatory tariffs paid by energy companies to use the network, rose by €80m to €622m.

A significant part of the rise in revenue was due to the East-West Interconnector becoming fully operational.

The Interconnector links the transmission systems in Ireland and Britain and enables electricity to be traded between the two countries. 

In its annual report, Eirgrid points to a rise in imported power from Britain in 2013 which, it says, led wholesale electricity prices falling by 9% here.