EirGrid Group, which operates the electricity grids on the island of Ireland, has reported annual revenues for the 12 months to the end of September 2023 of €1.140 billion, a jump of 32% on the previous year.
But EirGrid said its group profit before tax fell to €71.2m from €114.9 million in 2022 due to regulatory timing differences and higher operating costs, which it said reflected the increasing scale and complexity of the business.
It added that management's estimate of the underlying profit for 2023 was €40.6m, up from €26.3m in 2022.
The company is proposing to pay a dividend of €4m to the Government, unchanged from last year.
During the 12 months to September, EirGrid said it saw a new maximum peak of demand in Ireland of 5,544MW, while 42% of electricity in Ireland came from renewable sources.
New capacity was energised onto the EirGrid system, including 300MW of solar power 150MW of wind power as well as 75MW in battery power.
EirGrid also said its ability to operate with more renewables on the system at the same time (known as the System Non-Synchronous Penetration or 'SNSP' limit), was increased to 75%, with 512 hours of system operation above 70% SNSP over the year under review.
The group also reported continued project delivery including developments on the Kildare-Meath grid upgrade, the Powering Up Dublin programme and the North Connacht 110kV project.
The first offshore renewable electricity support scheme auction was also run on behalf of the Government during the year.
The Chair of EirGrid Group, Brendan Tuohy, said that EirGrid continues to deal with the dual challenge of decarbonising the electricity system to meet the Government’s targets for 2030 and beyond, whilst at the same time ensuring security of supply.
"I am pleased to report that we had a very successful year, operating the electricity system safely and securely, despite challenging circumstances, whilst also progressing key elements of our EirGrid Strategy (2020-2025) to support meeting the Government’s climate ambitions," he said.
Martin Corrigan, EirGrid's interim chief executive, said the annual report shows a clear momentum, particularly in terms of the delivery of significant projects which will play a key role in achieving its purpose of transforming the electricity system for future generations.
