SSE received a boost in the form of insurance payouts. Photo: Getty Images
An Irish power generation arm of energy firm, SSE, has received a cumulative €39.5m in insurance payouts over two years arising from incidents at power stations, Tarbert in north Kerry and Great Island in Co Wexford.
That is according to new accounts filed by SSE Generation Ireland Ltd which show that the gain from insurance receipts of €6.33m mainly connected to Tarbert for 2025 contributed to the firm recording operating profits of €52.27m in the 12 months to the end of March last.
The accounts show that operating profits at the Scottish-owned SSE Generation Ireland more than halved from €113m to €52.27m in the 12 months to the end of March last as revenues plunged by 54pc from €751.9m to €346.13m during the period.
The energy firm’s pre-tax profits declined by 35pc from €123.06m to €79.88m as it benefited from higher net interest payments received of €27.6m last year compared to net interest payments of €10.05m in 2024.
The directors state that the decrease of gross profit and operating profit “is due to reduced income from hedging activities and lower spark prices”.
The insurance receipt arose from damage caused by a fire at Tarbert station
On the exceptional gains arising from the successful insurance claims, the accounts show that SSE Generation received €6.24m under the heading of ‘Tarbert fire insurance receipts’ last year.
A note states that the insurance receipt arose from damage caused by a fire which occurred at Tarbert station in north Kerry in the 2023 financial year.
In addition, SSE Generation in the previous year received an insurance payout of €33.18m due to the business interruption caused by the Great Island condenser leak at the Co Wexford power station in the 2023 financial year.
The firm received an additional €83,000 in insurance receipts from a condenser leak last year. The company recorded a post-tax profit of €66.47m.
The principal activity of the company is the generation of electricity from three operational power stations located at Great Island, Rhode in Co Offaly and Tawnaghmore in Co Mayo.
The Tarbert station closed in 2023, a Temporary Emergency Generation unit at the site will be completed this year.
It has been delivered at the request of Irish authorities, with the 150MW plant running on distillate oil.
The directors state under legislation from the Government, it will cease operations when the temporary electricity emergency has been addressed and no later than March 2028.
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