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Dublin: 31.10.2014 07.44AM
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:
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.