EirGrid Maintains €4 Million Dividend to Exchequer

17 April 2019

EirGrid Group today published its annual report for 2018.  The report shows that revenues for the year to October 2018 increased from €579.4m to €758.4m.

Profits before tax were €65.8m, with underlying profits that exclude regulatory adjustments at €18.7m.

This has enabled the group to deliver a €4m dividend payment to the Exchequer, the same as 2017.

John O’Connor, chairman of EirGrid Group, said there had been a number of notable achievements during the year: “Firstly, we have delivered a fundamental restructuring of the wholesale electricity market on the island. The Integrated Single Electricity Market project has been completed and the new market represents a significant change to the Irish electricity sector.

“With the advent of the new SEM, we are now part of a pan-European Internal Energy Market that comprises 20 countries, linked by 38 cross-border interconnectors.

“We are hoping to increase the number of interconnectors to 39 with our proposed Celtic Interconnector, a joint venture with our French counterparts RTE and the first direct link to the continent. This project, if it successfully progresses, is expected to go live in 2025,” said Mr O’Connor.

Mark Foley, EirGrid Group chief executive, said over the 12 months, the group continued to operate a safe, secure, reliable power system in Ireland and Northern Ireland.

Looking forward, he said that growth in electricity demand in Northern Ireland will be modest, while in Ireland demand is increasing significantly.

“This is due to growth in the economy, population growth, new investment in infrastructure and industry and strong growth in new data centres.

“Data centres generate major investment in the economy, they strengthen the footprint of major Information Communications Technology players in the Irish economy and they create employment.

“Our analysis shows that demand from data centres will most likely increase by a factor of four between 2016 and 2020. A significant proportion of this extra load will materialise in the Dublin region,” added Mr Foley.

Click here to read the full report