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Monday, October 26, 2009
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.
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