Newly released financial data reports a substantial hike in expenses that has eroded earnings for EirGrid, the national electric grid provider, over the 12-month period ending on September. The results, part of EirGrid’s annual monetary review, highlight a revenue increase for the fiscal year 2023, which rose from €861.6 million to €1.14 billion. However, profits experienced a decrease, with a circa 40% slide from €115 million to €71.2 million, seen in the pre-tax profits from the previous financial year leading up to 30th of September.
EirGrid’s statement mentioned that this drop in profitability was largely due to an increase in operational expenditures due to the expansion and growing complexity of the business, coupled with regulatory shifts. The financial report also points out that the outgoing CEO, Mark Foley, received a steady payout of €300,000 from the government-owned company. This includes a salary of €221,000, €66,000 in pension contributions and added benefits worth €13,000.
Brendan Tuohy, Chairman of EirGrid, was paid €21,600 in fees and the company is set on paying a dividend of €4 million to the State, a figure that remains consistent with last year’s. Eirgrid’s data indicates that 42% of electricity consumed in the Republic over the past year was generated from renewable resources.
Interim CEO, Martin Corrigan, asserts that these financial results denote a positive headway in initiatives that will fundamentally alter the electricity framework of the Republic. Mr Tuohy further underlines how EirGrid has continued to juggle meeting governmental environmental goals while guaranteeing a dependable supply of electricity.