Eirgrid to pay €4m dividend to State on back of €12m profit

National grid operator Eirgrid will pay a €4 million dividend to the State after earning profits last year of €12 million.

The State-owned company, responsible for the electricity transmission systems North and South of the Border, said that revenues in 2020 were €688.4 million.

Profits before tax were €14 million, while its post-tax surplus was €11.9 million.

“As a result, Eirgrid can deliver a proposed dividend of €4 million to the shareholder,” the company said, adding this was in line with previous years and expectations.

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During the year Eirgrid oversaw the first auction for the government's Renewable Energy Support Scheme, designed to support green electricity generators with guaranteed prices.

Onshore wind projects that will produce almost 500 mega watts (mw) of electricity and solar developments that will generate 796mw qualified for the scheme through the first auction.

Mark Foley, Eirgrid chief executive, said the auction was an "excellent start" for the Government's climate action plan.

“2020 was a significant year for Eirgrid Group for the very real reason that we played our part through the global pandemic, keeping the power flowing while keeping our people safe,” Mr Foley said.

Brendan Tuohy, Eirgrid chairman, said that despite the challenge Eirgrid had maintained progress on long-term projects that would cut greenhouse gas emissions from the electricity system.