EirGrid Group today published its Annual Report for 2017. The group is responsible for a safe, secure and reliable supply of electricity through EirGrid in Ireland and SONI in Northern Ireland.
Revenues for the year were €579.4 million, while profit before tax was €3.4m. This was down from €7.9m in 2016 due to an unplanned outage of the East West Interconnector during the year. The Group is currently pursuing options with our contractor and insurers for the recovery of costs associated with the outage.
EirGrid Group is a regulated entity and underlying profit, a measure that excludes regulatory adjustments, was maintained at €16m. This has enabled the Group to deliver a €4m dividend payment to the Exchequer, the same as 2016.
John O’Connor, Chairman of EirGrid Group, said there had been a number of notable achievements across a range of areas during the year.
“Whilst maintaining a secure supply of electricity we also increased the limit for variable, renewable power on the grid to 60% and that has since grown to 65% in 2018. This is a world record for an isolated electricity system like ours. In the period October 2017 to February 2018, approximately 35% of electricity on the island of Ireland was actually generated from renewable sources.
“We have also put into practice a new framework for grid development projects, which this year received the Irish Planning Institute’s award for community engagement.
“The North South Interconnector has been granted planning permission in both jurisdictions and we made good progress in the forward planning to potentially build an interconnector to France.”
The group’s work in renewable energy gained international recognition through the EU-SysFlex project. This EU-funded consortium, led by EirGrid Group, was awarded over €20m in 2017 to fund research into the deployment of renewable energy. The work involves 34 organisations from 15 countries across Europe and will run for four years until 2021.
Interim Chief Executive, Aidan Skelly, said: “Throughout the year, we operated the Single Electricity Market efficiently and transparently. We did so at the same time as working to deliver a new and more integrated market with the I-SEM project, which will go live in 2018.
“We continued to upgrade and strengthen the grid where necessary. Throughout 2017 we partnered with some of the biggest companies in the world to foster jobs and prosperity across the island. In particular, EirGrid has developed the infrastructure and systems to supply power to new data centres,” concluded Mr Skelly.
Access the Annual Report 2017 microsite here.