8. Property, Plant and Equipment

Notes

31-Dec-24
€’000

31-Dec-23
€’000

Property, plant and equipment - owned assets

8,011,526

6,875,419

Property, plant and equipment - right-of-use assets

9

14,636

15,498

Property, plant and equipment - as presented on the balance sheet

8,026,162

6,890,917

Property, plant and equipment - owned assets

Infrastructure assets
€’000

Operational assets
€’000

Non-network assets

€’000

Assets under construction

€’000

Total

€’000

Cost

At 1 January 2023

2,845,563

2,079,119

245,270

1,187,348

6,357,300

Additions

-

-

-

1,249,506

1,249,506

Disposals

-

-

(241)

-

(241)

Derecognition charge

-

-

-

(1,435)

(1,435)

Transfers

653,609

489,634

49,261

(1,192,504)

-

At 31 December 2023

3,499,172

2,568,753

294,290

1,242,915

7,605,130

Additions

-

-

-

1,320,543

1,320,543

Disposals

-

-

(710)

-

(710)

Derecognition charge

-

-

-

(27)

(27)

Transfers

740,531

379,651

79,800

(1,199,982)

-

At 31 December 2024

4,239,703

2,948,404

373,380

1,363,449

8,924,936

Accumulated depreciation and impairment losses

At 1 January 2023

(169,581)

(300,568)

(100,504)

(8,309)

(578,962)

Depreciation charge

(43,471)

(79,205)

(26,433)

-

(149,109)

Impairment charge

-

-

-

(1,827)

(1,827)

Disposals

-

-

187

-

187

At 31 December 2023

(213,052)

(379,773)

(126,750)

(10,136)

(729,711)

Depreciation charge

(47,869)

(97,328)

(31,758)

-

(176,955)

Impairment charge

-

-

-

(7,436)

(7,436)

Disposals

-

-

692

-

692

At 31 December 2024

(260,921)

(477,101)

(157,816)

(17,572)

(913,410)

Carrying amounts

At 31 December 2023

3,286,120

2,188,980

167,540

1,232,779

6,875,419

At 31 December 2024

3,978,782

2,471,303

215,564

1,345,877

8,011,526

During 2024, the Company undertook its regular review of capital expenditure as required by accounting standards, which this year coincided with the submission of its Capital Investment Plan for the five year Regulatory Control cycle (2025-2029). The Capital Investment Plan for each Revenue Control cycle is subject to an extensive stakeholder consultation process and is reviewed in detail by our economic regulator, the CRU as part of our Revenue Control process. Following these reviews, certain projects were identified for accounting impairment. The charge of €7.4 million in 2024 (2023: €1.8 million) is spread across 40 different capital projects. While the work done on the projects may inform future work, the spend on the projects was deemed to be impaired at year end. The impairment can be due to factors like alternative solutions being identified, an assessment that the project is no longer the optimal approach or investment reprioritisation resulting in a low probability of the project proceeding over the next Revenue Control cycle. These projects were all included in the Company’s previous Capital Investment Plans, and the capital expenditure was necessarily undertaken in compliance with the various public spending requirements.

The derecognition charge of €0.03 million in 2024 (2023: €1.4 million) relates to projects which have been derecognised as the project did not result in a capital asset.