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Synergen plant pumps buoyant ESB profits.
(From Irish Independent)
THE controversial Synergen Power Plant in Dublin's Ringsend, built by the ESB just before the partial opening of the electricity market, saw its profits last year surge by 18pc to 15.7m, theIrish Independent has learned.
The power plant is one of the most profitable in the country, and the high profit level is likely to intensify the debate about the ESB's stranglehold on the market.
The plant is 70pc-owned by ESB subsidiary Dublin Bay Power and 30pc-owned by Norwegian oil company Statoil.
Accounts just filed with the Companies Office show that for the year to the end of 2004, the ESB-owned Dublin Bay Power made after-tax profits of 11m from the plant, a rise of 18.5pc on the previous year.
As Dublin Bay Power owns 70pc of the plant, this implies that Statoil got a further 2.5m in profits, meaning after-tax profits for the plant totalled 15.7m.
However, despite the high after-tax profits, Dublin Bay Power owed loans of 153m. No dividend was declared, and retained profits at the end of the year amounted to 2.4m.
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