€37m profit for Huntstown

PROFITS AT independent electricity generator Huntstown Power Company more than doubled to €37 million from its business last year, according to the latest figures.

Huntstown operates two power plants in north Dublin and is part of the Northern Ireland-based Viridian Group, which also owns electricity and gas supplier Energia and green energy player Eco Wind Power in the Republic.

Accounts for the 12 months to the end of last March, the company’s financial year, show that sales increased 70 per cent during the period to €225 million from €140 million in 2008.

The April 1st, 2008 to March 31st, 2009 period would have marked the first full 12-month contribution from Huntstown’s second power plant, which came on stream in October 2007.

The accounts show sales of electricity accounted for close to €215 million of its turnover, with emission credit trading and other services generating the balance.

Operating profits grew almost 60 per cent to €45 million from €60 million, partly aided by lower depreciation and financing costs.

Profits before tax came in at €37 million last year, over 150 per cent ahead of the €14 million Huntstown recorded in its 2008 financial year.

Huntstown generates electricity and sells it into the single market pool through which all electricity in Ireland is traded.

Its two power plants generate 750 mega watts (MW) of electricity.