Indaver profits more than double as electricity prices surge

Profits of €21.1m for Belgian-owned waste-processing and power-generation firm

An artist's impression of the Ringaskiddy incinerator project. Indaver had secured permission in 2018, which was challenged by an environmental group. 

Profits at waste-processing and power-generation firm Indaver more than doubled to €21.1m last year on the back of a surge in electricity prices.

Belgian-owned Indaver Ireland operates an incinerator at Duleek in Co Meath that produces enough electricity to supply the equivalent of Drogheda and Navan towns. 

New accounts show that revenues of Indaver Ireland Ltd jumped 20% to €98.2m and paid out a dividend of €19m.  

The accounts show that the firm’s revenues from sale of goods increased by 7% to €78.8m and revenues from the sale of electricity more than doubled to €19.3m.

The firm posted a net profit of €18.47m after paying out €2.6m in corporation tax. 

Profits increased

In the new 2021 accounts, the directors said that profits increased “due to electricity prices which are determined by market influence including gas prices, electricity demand, and availability of supply of generators”.

Earlier this year, An Bord Pleanála cleared the way for the Indaver facility to increase the amount of waste it receives to 280,000 tonnes a year.  

Indaver had secured permission in 2018 for a new €160m incinerator at Ringaskiddy in Co Cork.

However, the permission was challenged by an environmental group. A High Court judge ruled last year the application can be remitted back to An Bord Pleanála for fresh consideration.