As a result of changes within the energy sector with reduced projected capacity payments and lower projected Irish wholesale electricity prices, Bord na Móna wrote down the value of power plants by €23m along with restructuring costs of €7.2m.

Turnover increased 6% to €432.8m. Operating profits pre-exceptionals increased 19% to €51m. Earnings (EBITDA) pre-exceptionals were €100m.

In the first full year of operation, the sales of the Mountlucas and Bruckana wind farms increased by €13.8m. Horticulture sales increased by €6.8m.

The group saw considerable challenges during the year including Edenderry power station exiting the Public Service Obligation, a period of very low electricity prices and a mild winter which had an adverse effect on fuel sales.

In recent years, Bord na Móna has diversified significantly away from being an exclusively peat-based company as it moves into wind, biomass and other renewable energy sources. Ten years ago, just 2% of the electricity Bord na Móna produced was generated from renewables. Today it is 48% and by 2020 it will be 70%, with 96% expected by 2030.

This will see one of the biggest changes of use involving Irish land as the 150,000 acres of peatlands that are now being used to provide energy peat to three power stations will transition to new uses, including wind energy generation, after 2030.