Date published:
We have published the latest Generator Financial Performance Report (GFPR) for those generators operating in the Single Electricity Market (SEM), covering the 2023 calendar year.
The SEM Committee (SEMC) has produced GFPRs since 2013, providing a level of transparency not seen in other electricity markets. The report sets out the financial performance information of generation companies with at least 25MW owned capacity, including aggregated information and a breakdown by fuel type.
The 2023 results are substantially different from previous years due to major shifts in commodity prices, particularly gas. After the extreme commodity price spikes of 2021–2022, wholesale gas prices fell sharply in FY2023. As a result, SEM Day Ahead Market average price dropping from €225.60/MWh in FY2022 to €122.18/MWh in FY2023. These changes underpin the profitability outcomes reported for different generator types in the SEM.
Key headlines in the GFPR are:
- Profitability varied significantly by technology. Gas generators saw their net profit margin fall to 8%, with net profits nearly halving to €270.36 million in FY2023.
- Wind and solar generators saw net profits fall by 26% year‑on‑year, but they still achieved a strong net margin of 35%, which is in-line with international comparators. Some gas, wind and solar generators revenue also include income from non-SEM sources, such as renewable support schemes.
- Total installed generation capacity increased slightly to 11,927 MW, while electricity sold fell by 14% driven by higher imports.
- In terms of installed capacity, Gas, Wind and Solar made up 72% 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.
SEMC is considering how to improve generator financial performance reporting. A 2025 independent review confirmed that generator profits are in line with international comparisons and also made several recommendations on simplifying the report. These recommendations will be consulted on during 2026.