UP TO 300 jobs will be created over the next five years as a result of ongoing improvements to the national grid, Eirgrid said yesterday.

Approximately 10 per cent of the jobs will be directly created by the transmissions operator with the remainder generated through sub-contracting work.

Some 200 of these will be in the construction sector, 30 new positions will be created in energy, project management, planning and design, while approximately 50 professional services jobs will be “sustained or created”, the semi-State body said yesterday.

Financial results for the year ended September 30th, 2009 show profits at the semi-State body were hit by falling consumer demand last year. Demand for electricity fell by 5.4 per cent during the year.

Apart from a small decline in 1980-1981, this represents the steepest level of demand reduction since the second World War, chief executive Dermot Byrne said yesterday, bringing the level of electricity demand back to 2005 levels.

Eirgrid’s annual report – the first to cover the company’s activities both North and South of the border since the acquisition of Northern Ireland’s transmissions operator by Eirgrid last year – shows the company made a pretax profit of €9.4 million in the year to the end of September 2009, compared to a profit of just under €11million during the proceeding 9 months.

The sharp fall in profits – equating to a drop of more than a third based on average monthly figures – took place against a backdrop of increasing revenues due to the acquisition of the Northern Irish business.

Revenues grew to €410.7 million in the year to September 30th, 2009, up from €282.7 million during the previous nine months. Mr Byrne described the financial performance as “satisfactory”.

Meanwhile, chairwoman Bernie Gray confirmed she is to stay on as chairperson of Eirgrid at the request of the Minister for Communications Eamon Ryan. Ms Gray’s contract was due to expire in September.

Ms Gray said she was unsure as to the duration of her new appointment and would be further advised by the Minister about the extent of the term.

During the financial year to the end of September last, two new non-executive directors joined the board of the company as a result of the acquisition of the Northern Irish System operator, bringing to 10 the number of board members, a number that is below the average for a semi-State body, Ms Gray said.

Chief executive Dermot Byrne earned a basic salary of €228,000, the annual report shows, in addition to performance-related pay, taxable and retirement benefits and director remuneration.

Eirgrid said yesterday it is actively considering further offshore initiatives with mainland European partners as part of the general move towards greater integration of energy markets at a European level.