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.