EirGrid Group has reported annual revenues for the 12 months to the end of September 2022 of €861.6 million, 17% higher than the previous year.

The operator of the electricity grids in Ireland and Northern Ireland said profit before tax jumped to €114.9 million, up from €40.7 million in 2021.

EirGrid said the increase was mainly due to "exceptionally low wind conditions, which meant associated costs were significantly below the forecasted regulatory revenue allowance."

"Excluding the impact of over recoveries, management's estimate of the underlying operating profit for 2022 was €26.3m," the company said.

"The related over-recovery will be returned to customers through a reduction in tariffs in future years."

The company is proposing to pay a dividend of €4.0m to the Government, unchanged from last year.

"Through the EirGrid Group Strategy, we are endeavouring to lead the secure transition of our electricity grid to low carbon and renewable energy," said Brendan Tuohy, Chair of EirGrid Group.

"A key milestone took place in November 2021, at COP26 in Glasgow, where we launched "Shaping Our Electricity Future", a roadmap that outlines a clear pathway to achieving at least 70% renewable electricity by 2030.

"We are already well advanced with its next iteration, which will take account of the Government’s 80% renewables target," he added.