30 May 2024
EirGrid Group publishes its 2023 Annual Report
EirGrid Group, responsible for operating, developing and enhancing the electricity grid in Ireland, has released its 2023 Annual Report, which covers the period from 1 October 2022 to 30 September 2023 and outlines the financial and business performance of this period.
Group profit before tax was €71.2 million, down from €114.9 million in 2022 due to regulatory timing differences and higher operating costs reflecting the increasing scale and complexity of the business. Excluding the impact of over and under recoveries on reported profit, management’s estimate of the underlying profit for 2023 was €40.6 million, up from €26.3 million in 2022.
The related over-recovery will be returned to Transmission Use of System (TUoS) customers through a reduction in tariffs in future years. The company is proposing to pay a dividend of €4 million to the Government, unchanged from last year.
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Key highlights for the year included:
- A new maximum peak of demand in Ireland of 5,544 MW;
- 42% of electricity in Ireland came from renewables in 2023;
- New capacity energised onto the system: 300 MW solar; 150 MW wind; 75 MW batteries;
- Ability to operate the system with more renewables on the system at the same time (known as the System Non-Synchronous Penetration or ‘SNSP’ limit). The SNSP limit was increased to 75%, with 512 hours of system operation above 70% SNSP over this period;
- Continued project delivery including developments on the Kildare-Meath Grid Upgrade, the Powering Up Dublin programme and the North Connacht 110 kV project;
- Continued community engagements across the country including 14 Energy Citizen Roadshows with EirGrid partners in the SEAI and ESB, with over 1,100 participants; and the launch of the €2.4m Celtic Interconnector Community Benefit Fund;
- First Offshore Renewable Electricity Support Scheme auction run on behalf of Government;
- Continued progress in delivering EirGrid’s role under the Government’s Policy Statement on the Framework for Ireland’s Offshore Electricity Transmission System (2021)
- Technical and financial agreements signed for the delivery of the Celtic Interconnector in November 2022.
The Chair of EirGrid Group, Brendan Tuohy, said: “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.”
Martin Corrigan, Interim Chief Executive Officer, said: “EirGrid Group’s Annual Report shows a clear momentum, particularly in terms of the delivery of significant projects which will play a key role in achieving our purpose of transforming the electricity system for future generations.”