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EirGrid to update Ireland’s Grid25 at 20pc lower cost

EirGrid to update Ireland’s Grid25 at 20pc lower cost

EirGrid to update Ireland’s Grid25 at 20pc lower cost. Photo: EirGrid chief executive Dermot Byrne, chairperson Bernie Gray and CFO Aidan Skelly on Dublin’s Grafton Street at the announcement of of Eirgrid's Annual Report 2010 in Dublin today

EirGrid's Grid25 strategy for upgrading Ireland’s electricity transmission system can be delivered at 20pc lower cost than previously anticipated, the company announced today.

Speaking at the launch in Dublin of the company’s 2010 Annual Results, EirGrid chairperson Bernie Gray said the introduction of new technology, the refining of grid projects, and the overall reduction in electricity demand now meant that Grid25 could be delivered at a cost 20pc lower than previously estimated.

“Developing the grid is vital to support high-quality power supplies in all regions, to facilitate renewable energy, and to enable high-tech industries to be attracted and retained. We are constantly looking at delivering Grid25 as efficiently as possible and we are pleased to be able to confirm this reduction,” said Gray.
 
EirGrid chief executive Dermot Byrne added: “Our ongoing analysis shows that reductions are possible, while at the same time delivering a 21st-century grid for the people of Ireland. We will continue to engage with the Commission for Energy Regulation to ensure the efficient delivery of this infrastructure.”

In 2010, EirGrid:

  • Secured funding for the East West Interconnector, which is on track for delivery in 2012.
  • Made significant progress on making connection offers under the Gate 3 programme to wind developers, with this phase of the process due to finish on schedule this summer.
  • Completed about 150km of new electricity lines, along with circa 300km of upgrades to the transmission system.
  • Achieved the completion of about 150km of new electricity lines along with approximately 300km of upgrades to the transmission system.
  • Increased the amount of wind generation bringing capacity to 1,466MW (megawatts) in Ireland, and to 335MW in Northern Ireland.

The Annual Report shows the group’s operating profit for the year to September 2010 was €15.7m, an increase on the figure of €9.4m, in 2009.

Revenue for the year to September 2010 was €443.8m, compared to €410.7m in the previous year. EirGrid said the increase in revenue was largely due to the inclusion of a full year of turnover in SONI, following its acquisition in 2009.

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