Pre-tax profits at Coolkeeragh power plant jumped by over 20% in 2023 to hit £16m, according to the company’s latest accounts.
That was despite the power station, based outside Derry, generating less power than the year before and being available 20% less often.
The plant, which is owned by the Irish state-owned company Electricity Supply Board (ESB), says the increase in profit is due to gains from contracts to supply electricity to supply companies within the ESB group.
Turnover at Coolkeeragh ESB Ltd increased by 23% in 2023 to £320m, up from £260m in 2022.
The cost of sales also rose in 2023, up 33.4% (£295m) from the previous year (£221m). The company’s administrative expenses also jumped 24.5%, to £19.6m.
However, there was a 21% increase in pre-tax profits at the plant (£16m), up from £13m in 2022.
The group also paid a £30m dividend in the last financial year.
A directors’ report filed with the accounts said: “The increase for profit for the year is due to gains from company contracts to provide energy to electricity supply companies within the ESB Group.
“These contracts are deemed to include an embedded derivative financial instrument that is measured at fair value.
“Commercial contract gains were somewhat offset by reduced plant running.”
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The plant’s availability dropped over 20% last year, down to 72.12% from a 93.36% availability in 2022.
Availability is defined by the company as “the amount of time that a generator is able to produce electricity over a certain period, divided by the amount of time in the period”.
Perhaps reflecting the reduced availability, the plant’s power generation fell from 1,962 GWh in 2022 to 1,596 GWh last year.
Carbon emissions also fell last year, down to 0.6206m tonnes of CO2 from 0.762m tonnes the previous year.
The directors’ report noted: “The conflicts in Ukraine and the Middle East have created significant uncertainty in global markets — in particular, increased volatility in energy and commodity markets, increases in price inflation and potential supply disruption which may have direct and indirect impacts on individuals and businesses.
“The directors will continue to monitor this evolving situation and consider any impacts on the company.
“The directors do not believe that the crisis will impact the company’s ability to continue as a going concern.”
There was one safety incident at the plant last year, which the company says was “investigated and reported on, with actions implemented in response”.