SSE Generation Ireland Receives €39.5M in Insurance Payments Amid Profit Decline
SSE Generation Ireland Ltd has received €39.5 million in insurance payments over two years following incidents at its power stations in Tarbert and Great Island. For the fiscal year ending March 2025, the company reported a significant profit decline to €52.27 million, driven by a 54% drop in revenue to €346.13 million, primarily due to reduced income from hedging activities and lower spark prices. Additionally, the company's workforce decreased from 91 to 85, with a corresponding reduction in staff costs.
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SSE Generation Ireland Ltd has received €39.5 million in insurance payouts over two years due to incidents at its power stations in Tarbert, Co Kerry, and Great Island, Co Wexford. For the fiscal year ending March 2025, the company reported operating profits of €52.27 million, impacted by a 54% revenue drop to €346.13 million.
The decline in profits is attributed to lower income from hedging activities and decreased spark prices. Notably, the company received €6.24 million related to Tarbert fire insurance last year and €33.18 million from a business interruption linked to a condenser leak at Great Island in the prior year.
SSE Generation operates three power stations with a combined capacity of 672MW and is building two Open-cycle Gas Turbine plants in Tarbert and Platin, Co Meath, with a capacity of 470MW. Employment decreased from 91 to 85, with staff costs falling from €11.34 million to €9.65 million.
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