State-owned energy firm EirGrid has proposed to pay a dividend of €3 million to the exchequer. EirGrid chairman John O’Connor said 2014 was a successful year for the company with pretax profits of €44.2 million and underlying profits of €18 million.

“We are delighted to propose a dividend of €3 million to the exchequer as a result,” he said. “Of particular significance is the East West Interconnector, which brought significant benefits during its first full year in operation, including downward pressure on wholesale electricity prices.”

Chief executive Fintan Slye said last year was a landmark year for EirGrid, with considerable progress made on key projects. The company last month published a draft strategy for the development of Ireland's transmission grid.