Fall in wholesale energy prices sees ESB profits fall to €706m
Despite its drop in earnings, CFO Mr Stapleton commended a "solid performance" for the company. Picture Dan Linehan
ESB saw its earnings drop last year with continued falls in wholesale energy prices dampening profits.
Publishing its annual report on Thursday, ESB's after-tax profit fell by almost 20% to €706m in 2024, while turnover dropped from €8.8bn in 2023 to €7.3bn last year.
It also proposed a dividend of €188.7m, 97% of which will be paid to the Exchequer which brings total dividends to €1.8bn over a decade.
ESB also said it contributed over €3bn to the Irish economy last year in the form of payroll, taxes, dividends and purchases from domestic suppliers.
It noted 2024 was another year of record levels of capital investment in critical infrastructure with over €1.8bn capital expenditure directly incurred and almost €400m advanced to joint ventures for infrastructure projects.
It added that the total investment of €2.2bn included €1.4bn in investments in electricity networks in Ireland and Northern Ireland, €500m in renewable generation projects, and €300m in security of supply and other investments.
"International wholesale energy prices were lower and relatively more stable in 2024 compared to the previous two years, but they remain volatile and at levels that are more than twice that experienced pre energy crisis," said ESB chief financial officer.
Despite its drop in earnings, Mr Stapleton commended a "solid performance" for the company, while also acknowledging the unprecedented extreme weather events experienced in recent months which caused significant electricity supply disruption.
"This has highlighted the need to further invest to enhance the reliability of the network as well as continuing to invest in renewable energy sources," he said.
"ESB Networks plans to more than double the scale of investment in the network over the next five years and NIE Networks will have a similar increase in Northern Ireland. This investment is only possible if ESB maintains profitability and a strong credit rating to support an increase in borrowings."
