Monday 20 May 2019

Eirgrid gets €8.7m payout over fault with GB InterConnector

Eirgrid last year approved a €4m dividend payout.. Stock photo: PA
Eirgrid last year approved a €4m dividend payout.. Stock photo: PA

Gordon Deegan

Eirgrid, the semi-State power grid operator, got an insurance settlement payout of €8.7m last year concerning its connector to Britain not operating for three months in 2016.

The payout is revealed in Eirgrid's 2018 annual report which shows that it contributed to revenues soaring by 31pc from €579.4m to €758.43m in the 12 months to the end of September last.

The operator recorded pre-tax profits of €65.8m with an "underlying profit" of €18.7m compared to an "underlying profit" of €16m in 2017. According to the Eirgrid 2018 annual report, profits rose "as a result of higher demand related regulated tariffs collected during the year".

The grid operator last year approved a €4m dividend payout.

On the €8.7m insurance payout concerning the East West InterConnector (EWIC) linking the grids in Ireland and Britain, a note in the report said the EWIC was out of commission "due to a fault that occurred when the Interconnector was being returned to service following the annual maintenance outage".

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