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Investments worth up to €1.4bn were made into the energy infrastructure by the ESB last year. Alamy Stock Photo
few quid short
ESB post-tax profits slumped by €162 million last year
The figure represents a 19% reduction compared to 2023.
8.37am, 20 Mar 2025
6.5k
24
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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@Kevin Norris: some profit alright. I guess the headline depends on the journalists bias. Negative headlines get more clicks probably. It’s all about the clicks these days.
And still they can’t afford to stick esb cable underground to stop power cuts during winter months around the country with all that cash they re making for the profits
@liam ward: that profit wouldn’t even come close to what it would cost to put all cables underground. If you really want all cables underground then I’m sure you would be happy to pay triple the current standing charge on your bills.
@The next small thing: This wouldn’t happen overnight, but in small steps. However, leaving it for the future only means it will get more and more expensive to do it.
They do it in other countries, we’re not the only place in the world with rural dwellers.
@Eugene Burns: That has already been done through EU liberalisation. There are a number of electrical and gas suppliers already in Ireland and, although not as big as the ESB, their profits are pretty healthy as well.
ESB could turn this slump around by enforcing payment by GirlBoss and Techbro Googler-Merda for the electricity used by data centres. Why should we be subsidising Trump’s henchbros?
@The Firestarter: ESB craftsman in 2015 were on an average of 120,000 euro a year including overtime etc. normal rate for a craftsmen is about 35-45 depending on experience.
In other news: great to see the Websummit bros making complete tits of themselves. Trinity College Dublin’s finest hiring TCD’s finest to represent them in court – as tits.
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