EirGrid has announced, at the launch of its 2013 Annual Results, that wholesale electricity prices in the Single Electricity Market on the island of Ireland are lower by 9 per cent since the EirGrid East West Interconnector (EWIC) commenced full commercial operations.

EWIC links power markets in Ireland and Great Britain. It has contributed to downward pressure on wholesale electricity prices.

Other highlights from EirGrid’s Annual Results, include -

• Profits before tax for the year to 30 September 2013 were €61.1 million, up from €20.8 million the previous year. A large element of the increase (€34m) is associated with temporary regulatory revenues arising from EWIC. This was due to a timing difference between the commencement of tariff support for the project and the date of full operational performance. This will be returned to consumers in the short term.

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• Underlying profits in 2013 were €18.3 million, compared to €18.8 million in 2012.

• A dividend of €4 million was paid to the Government as EirGrid's shareholder.

• 260 kilometres of high voltage power line was uprated and refurbished, and two new substations were completed.

• There was a pro-active response to public consultation on three major 400 kilovolt projects, Grid Link, Grid West and the North South Interconnector, including major new initiatives.

EirGrid Chairman, John O'Connor, said: "2013 was a significant year for EirGrid Group with the East West Interconnector commencing commercial operations, bringing wholesale prices down and facilitating imports and exports of power. EirGrid Group is responsible for ensuring that people, communities and businesses throughout the island of Ireland have a safe and reliable supply of electricity. This is the reason behind our work in strengthening the transmission grid. 2013 saw a strong reaction from the public to our major grid development projects, which has raised genuine and legitimate issues. We are committed to meaningful consultation with communities impacted by our projects and to learning from this experience, in developing the grid which is needed."

(CD/MH)