EirGrid warns of ‘liquidity challenges’ due to rocketing costs

Cost of temporary emergency power generators could exceed €1 billion

Mark Foley, chief executive, EirGrid Group: EirGrid has told the Commission for Regulation of Utilities that it needs an additional €135 million in revenues next year. Picture: Naoise Culhane

EirGrid has warned it faces “liquidity challenges” due to the soaring cost of installing temporary emergency generators to ensure the country has enough power this winter and next.

The semi-state company, which operates the national grid, has told the energy regulator it has “liquidity challenges” for 2024 after the cost of installing 700 megawatts (MW) of emergency generators at four locations in Dublin, Offaly and Limerick soared in the last year.

EirGrid initially estimated the emergency generation would cost just under €480 million, but this figure has since been revised to over €612 million. Senior industry sources have told the Business Post the full cost could now exceed €1 billion due to record cost inflation and higher prices being charged by manufacturers such as General Electric.