Tynagh Energy profits rise to €25m

GALWAY’S first power station, Tynagh Energy, saw its pre-tax profits increase by 55% last year to almost €25 million.

According to accounts just filed, the six directors of the company were paid an interim dividend last year of €13m.

In December 2003 Tynagh Energy successfully tendered for a competition run by the Commission for Energy Regulation (CER) to construct and operate a 400MW Combined Cycle Power Plant (CCGT) in east Galway.

The accounts state the company’s principal activities are the generation and sale of electricity andancillary services. The company is a registered participant in the Single Electricity Market (SEM).

Turnover increased by 9% to €219m in the year and gross profit was up 13% to €50m compared with 2007, due to a prolonged 90-day outage in the prior period.

The company’s main shareholders are EFS Tynagh Holding Company Limited and Gama Energy International, both of which have a 40% stake. Mountside Properties Limited has a 20% stake.

It employed 10 people last year, the same as 2007, but staff costs fell from €999,000 to €902,000.