DUBLIN: National electricity grid operator EirGrid is set to pay the exchequer an annual dividend of €3m.
It made the announcement yesterday on the back of the publication of its latest annual report.
The company paid a maiden dividend of €4m to the State last year.
EirGrid saw its revenues increase from just over €622m to €668.3m last year, but pre-tax profits slipped by around 27% to €44.2m.
Last year’s €4m dividend payment came on the back of the State utility company seeing a 194% rise in surplus in 2013.
According to chairman John O’Connor, 2014 was a successful year from a financial perspective for EirGrid, with an underlying profit of €18m also noted.
Our fundamental purpose is to deliver safe and reliable power to the whole island of Ireland, at the most competitive prices possible,” Mr O’Connor said.
Our annual report shows that this has been successfully achieved during 2014. We have also demonstrated, by our actions throughout the year, that we are ready to embrace change in how we go about our business, both internally and externally.”
EirGrid chief executive Fintan Slye said 2014 was a “landmark” year for the business, with “considerable progress” being made on key projects and the process of working more closely with individuals, communities, businesses, and organisations affected by them also begun.
Mr Slye added that carrying out its key roles, while engaging with communities across Ireland will be a priority for EirGrid during the current year.
