EirGrid, the company that operates the national electricity grid, has reported operating profits of €8.6m for the nine months to the end of September 2008. This compares to a figure of €8.8m for the 12 months to December 2007.
Revenues for the nine month period rose to €282.7m, down slightly from €290.4m.
During last year the company launched its Grid 25 strategy for developing the national grid, while it also saw major progress on its East West Interconnector and made more renewable energy connections.
EirGrid said its project to build an electricity interconnector between Ireland and the UK is at an advanced stage. It has secured connection points in Ireland and the UK, has signed construction contacts and has the backing of the Government.
The company also said that it is on target to meeting the 40% target on renewables for 2020. The level of 1,000 megawatts of wind energy was exceeded last year with further significant increases expected.
EirGrid also recently completed a deal to buy SONI, the Northern Ireland transmission operator.
'Good quality electricity supplies will be key in assisting the recovery of the economy and providing benefits to customers,' commented EirGrid Chairperson Bernie Gray.
