EirGrid Group Posts 2022 Annual Results

Dublin-19th April 2022

EirGrid Group, operator of the electricity grids in Ireland and Northern Ireland, has reported annual revenues for the year to 30 September 2022 of €861.6 million, 17% higher than the previous year.

Profit before tax was €114.9 million, up from €40.7 million in 2021. 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 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.

Brendan Tuohy, Chair, EirGrid Group, commented:

“Through the EirGrid Group Strategy, we are endeavouring to lead the secure transition of
our electricity grid to low carbon and renewable energy. 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.

“Following on from the Government’s policy statement on the development of Ireland’s offshore resources, the Group has made strong progress this past financial year in the implementation of our new role as the transmission system operator and transmission asset owner for Ireland’s offshore transmission network.  Realising this potential will make a strong contribution not only to Ireland’s energy ambitions in the second half of the decade but also to Ireland’s new industrial policy that will follow from the availability of significant decarbonised electricity.  This is likely to be one of the most significant changes ever in Irish industrial policy as we harness the available renewable electricity for the benefit of the Irish State.”


EirGrid Chief Executive Mark Foley added:

“Major projects in North Connacht, in Kildare and Meath, in Laois and Kilkenny and in East Dublin have all made strong progress predicated on a transformed approach to community engagement and a positive response on ground, for which we are very grateful.

In addition to this we continued to deliver for our customers throughout the year, including energisations for three significant demand customers, and the connection of five windfarms, two solar farms and five battery projects to the system thus underpinning continued confidence and investment by these companies in Ireland’s economy.

“The Celtic Interconnector has made great strides over the course of this year in terms of procurement, consenting and the required regulatory arrangements.  This project, which is critical to Ireland’s ambitions for decarbonisation and security of supply, is on target for its energisation in 2026.”