EIRGRID SAYS NORTH SOUTH INTERCONNECTOR IS ESSENTIAL FOR FUTURE GRID INFRASTRUCTURE

29 May 2020 No Comments by The Northern Standard

Michael Fisher

EirGrid’s annual report for 2019 was published this month. It showed the company had profit before tax of €96 million This is up from €65.8m in 2018, mainly as a result of lower than anticipated costs relating to new DS3 (delivering a secure, sustainable electricity system) services arrangements. The underlying profit was €22.3 million last year, an increase of 19%.

The company also confirmed a dividend of €4 million would be paid to the Exchequer in the second quarter of this year, the same amount as the previous year. There is only one shareholder in the company, the Minister for Communications, Climate Action and Environment (Richard Bruton TD) and it operates as a commercial semistate company.

Aidan Skelly, executive director finance and legal, pointed out that the EirGrid Group consists of several regulated businesses. In any year, the revenues collected by these businesses may vary from the levels that were previously agreed with its regulators. This is because tariffs are agreed based on forecasts and are…

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