Energy group Eirgrid saw its operating profit jump from €9.4 million to €15.7 million in the year to September 2010, as revenues were boosted by the acquisition of System Operator Northern Ireland (SONI).

At the launch of its 2010 results today, Eirgrid also announced that the cost of delivering its Grid 25 strategy for upgrading Ireland's electricity transmission system will be 20 per cent lower than previously estimated.

Chairwoman Bernie Gray explained this is due to the introduction of new technology, the refining of grid projects and the overall reduction in electricity demand.

Group revenues rose to €443.8 million in the year to September 2010, compared to €410.7 million in the previous year. "The increase in revenue was largely due to the inclusion of a full year of turnover in SONI, following its acquisition in 2009," Eirgrid said.

Today's group results cover the national grid operator Eirgrid, as well as SONI and the operator of the wholesale power market across the island, Single Electricity Market Operator (SEMO).

During its 2010 financial year, Eirgrid succeeded in securing funding for the East-West interconnector between Ireland and Wales, which is on track for delivery next year. It also completed about 150km of new electricity lines, as well as about 300 km to the transmission system.

Another milestone of the year was the maintenance of the security of the transmission system during several severe weather episodes, which led to record electricity demand.

Ms Gray said the development of the national electricity grid is vital to support high quality power supplies in all regions, to facilitate renewable energy and to attract and retain high-tech industries.

Chief executive Dermot Byrne said it was possible to deliver a 21st century grid, while achieving cost reductions. "We will continue to engage with the Commission for Energy Regulation to ensure the efficient delivery of this infrastructure," he said.