We’ve published the latest Generator Financial Performance Report (GFPR) for SEM generators covering 2023. The report, produced annually by the SEM Committee since 2013, provides financial performance data for generation companies with at least 25MW of capacity.
Sharp falls in wholesale gas prices in 2023, down from €225.60/MWh in 2022 to €122.18/MWh, these changes underpin the profitability outcomes reported for different generator types in the SEM.
Key findings:
- Gas generators saw net profit margins fall to 8%, with profits nearly halving to €270 million.
- Wind and solar saw net profits fall by 26%, but these technologies still achieved a strong 35% net margin, supported in some cases by non‑SEM revenues.
- Total installed generation capacity increased slightly to 11,927 MW, while electricity sold fell by 14% driven by higher imports.
- Gas, wind and solar accounted for 72% of installed capacity of reporting generators. Coal’s share of electricity sold fell to 6.4%, and oil/distillate generation dropped to nearly zero.
- Together cleaner gas and growing wind generation together accounted for 88% of electricity sold, reducing carbon intensity and contributing to lower electricity prices as gas eased.
An independent review in 2025 confirmed generator profits remain in line with international benchmarks and recommended simplifying future GFPRs. SEMC will consult on these changes in 2026.