ESB has reported operating profits of €424m for the six months to the end of June, a €5m increase on the same time last year, despite the impact of Storm Éowyn in January.
The energy company said its half year profits after tax rose to €313m from €297.8m.
The company said that Storm Éowyn resulted in additional operating costs of about €100m, adding that “every available resource” was deployed by ESB Networks and NIE Networks to restore power to customers and repair the damage as quickly as possible after the strong storm.
It noted that €4 was invested in capital investment projects for every euro of profit after tax earned by ESB so far this year.
During the first six months of 2025, ESB said it invested over €1.3 billion in energy infrastructure and network resilience projects, an increase of €400m on the same time in 2024.
It said that over €700m of this relates to investment in electricity network infrastructure to enhance resilience and add capacity for new housing, connect renewable generation and support the economy.
Over €500m was also invested in electricity generation, mainly investment in onshore, offshore and solar renewable energy projects.
Last week Electric Ireland said it would decrease gas prices for 140,000 customers by 4% from the beginning of November, while there will be no increase for the company’s 1.1 million electricity customers ahead of the winter.
Paul Stapleton, ESB’s Chief Financial Officer, said that Electric Ireland is very mindful of the impact of continued elevated energy prices and remains committed to supporting customers in so far as is feasible.
He also said that ESB’s financial results for the first half of 2025 show a continuation of its robust performance.
“The fact that these results are substantially in line with what we reported over the same period last year is reflective of more stable global energy markets following an unprecedented period of upward volatility in energy prices. However, while wholesale energy prices have stabilised, they remain volatile and are at levels significantly higher than experienced pre-energy crisis,” he said.
“ESB remains committed to further growth in the level of capital investment to ensure a reliable and sustainable electricity system as we transition to net zero carbon emissions. Maintaining the financial strength of ESB is critical to fund this investment,” he added.
ESB said the six month period saw notable milestones for the group in the transition towards net zero carbon emissions, including the sale of Corby Gas Power Station in GB and the end of coal generation at Moneypoint power station.
It also saw the 1,080MW Inch Cape offshore wind farm in Scotland secure a £3.5 billion project financing package, with construction now well under way.
The 448MW Neart na Gaoithe offshore wind farm off Scotland’s east coast became fully operational during the period. ESB is a 50% joint venture partner in both of these projects, through which significant capability and scale in the offshore sector is being developed, which will be very valuable in the Irish market in due course.
ESB also said its employee numbers averaged almost 10,000 in the first six months of 2025, an increase of over 1,000 in the past two years.
Over 225 new employees started at the company this month under the graduate and apprentice recruitment programmes, which continues to develop capability for the future.
Article Source – ESB Group’s half year operating profits rise
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