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THE ESB’S PROFITS fell dramatically last year to €706m after tax, its annual report has revealed.
It represents a 19% reduction in profit compared to 2023, when the energy company earned €868m, and was largely driven by decreases in wholesale energy prices.
Speaking to RTÉ Radio One’s Morning Ireland, the ESB’s Chief Financial Officer Paul Stapleton said the wholesale market is still incredibly volatile. He said while reductions in costs are good for consumers, the prices are not reliable.
He detailed that wholesale energy prices did increase in the second half of last year and peaked at the beginning of this year. However, those same prices have fallen by 20% in recent weeks, he claimed.
“They’re still quite volatile,” Stapleton said. “If the current downward trend is wholesale gas prices continues, that will ultimate lead to good news for consumers down the line, but it is a volatile position.”
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The monetary boss of the energy firm said future consumer prices rely heavily on how wholesale costs continue to perform into the coming weeks.
Of the company’s profits, the ESB has proposed to pay out a dividend of €189m. It brings the total number of dividends paid out by the firm to €1.8bn in the last ten years.
Stapleton also claimed this morning that the ESB has invested €3 for every euro of its post-tax profit back into infrastructure projects. Regardless of the 19% drop, the CFO said the report represents a “solid performance” from the firm last year.
Investments worth up to €1.4bn were made into the energy infrastructure in Ireland and Northern Ireland by the ESB last year. Stapleton said it primarily focused on increasing grid capacity and resilience as well as connecting more renewable sources.
Asked about the total cost of repairs following Storm Éowyn last year, Stapleton said the ESB still does not have a specific estimate, describing the weather event as “hugely disruptive”.
The firm acknowledged the impact the storm had on customers in its latest report and committed to double investments into the grid over the next five years.
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Any indication on weather conditions or type of road at the time of accidents? Judging by some of the comments about cyclists it’s not a surprise the amount of deaths increased. A lot of luns driving out there, would love to see some persecutions for drivers turning left cutting off cyclists. See it all the time but nothing is done about it.
Can the stats show what % of crashes are drink related over the weekend. Why not push for the lower alcohol level from Fri-Mon vs letting a free vote on the new road safety bill. Age profile of deaths? Distance being travelled? (Tired drivers).Drug use (legal and illegal). Age of car and tires? Last time road was resurfaced? Car speed at time of accident vs recommended speed in weather conditions? Any phone use element in crash
@Nick Allen: the article headline says “most” accidents happen between 2-4pm. But when looking at the statistics reported only 11 of 72 recorded fatalities happen in this time period…..they do use the correct terminology in the body of the article.
The ‘Most’ in the heading is correct. It is the most compared to the other time frames in the study. It is not referring to most being greater than 50%, it is a comparative analysis
What’s all this analysis good for? Basically people can get killed on the roads any day and at any time! But in case all this data can help one not get killed, the best times of day to be on the roads are between 6- 2pm, 4-6 and 8-12! Analyse that. No disrespect to anyone who has lost loved ones!
With this statistic in mind and previous legislation as precedent, those found to be holding or looking at a clock whilst in driving a motorised vehicle are subject to 6 penalty points and an €80 fine.
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