Wind and solar farms saw their net ­profits quadruple during the first year of the energy crisis in 2022, according to a new report published by the Single Electricity Market.

Profits of renewable generators increased from €125 million in 2021 to €509 million the following year as the Russian invasion of Ukraine led to gas ­prices rising sharply. The figures were laid out in a report by the SEM that assessed the financial performance of all energy generators across the island for the year, including renewable assets, battery storage, gas and coal plants.

The number accounts for profits made between January and December, although the Irish government placed a market cap from December 1, 2022 until June 30 last year, in which it collected excess revenue made from some generators in line with emergency laws put in place in Europe. Under the cap, wind farms had to hand over revenues in excess of €120 per megawatt hour of electricity generated, while solar farms paid for turnover above €160.

The SEM report highlighted that generators brought in a higher revenue for the year at €8.2 billion, but operational costs were also high at €6.3 billion.

At the time questions were raised over how much income renewable energy assets were making as wholesale electricity prices were pushed higher by gas ­generators in the market. At the peak in 2022 fossil fuel generators were buying gas on the wholesale market for ten times the prices that were paid the previous year, but wind and solar farms did not bear the same operational costs.

A spokesman for Wind Energy Ireland, the lobby group, said: “It was Ireland’s over-reliance on imported fossil fuel, ­particularly gas, which caused such hardships to families and businesses across the country. Irish wind farms returned hundreds of millions of euro to support consumers through the revenue cap and through the separate Public Service Obligation levy which paid nearly €90 to each household at the height of the energy crisis.” How much wind energy companies paid to the government under the revenue cap is not known. The spokesman said that in 2022 Irish wind farms “cut spending on fossil fuels by €2.5 billion, delivering huge savings for consumers”, quoting a report that it conducted with the consultancy group Baringa.

Electricity prices “remain high today” and the “risk of future price spikes remains, and will continue to remain, while we allow Russian foreign policy and international gas markets dictate prices”, the spokesman added.

Recently filed accounts from the Mayo-based Oweninney wind farm show that the trend might begin to be on the way down, however, as revenues have almost halved at the 192-megawatt farm over the past year. The joint venture company, between ESB and Bord Na Mona, reported ­revenues of €28.9 million for the year ending March, compared to €42 million previously. A company spokesman said that the reduction was due to a “change in market conditions compared to the ­previous year that has affected all wind generators”.

A spokesman for Irish Solar Energy Association said that solar “plays a miniscule role in the analysis” which is “overly simplistic and compares apples with oranges”. He added: “We would strongly question the profitability figures for solar projects located in Ireland as they contradict independent analysis.”