ESB’s Generation and Trading (GT) business recorded an operating profit of €730m in 2023, €44m down on 2022.
The result is due to the Irish government’s scheme to cap market revenues, increased headcount and increased business development costs, including in relation to hydrogen and renewables, EIB said.
Almost 40% of the unit’s income came from GB operations in 2023.
ESB’s GT business continued to develop its renewables portfolio both in Ireland and GB notably through continued investment in onshore and offshore wind projects and solar projects.
The company’s record level of capital expenditure in 2023 at €1.7bn represents a 24% increase on 2022.
Approximately 70% of this capital expenditure relates to investment in electricity network infrastructure in line with agreed regulatory programmes.
Over €400m of this capital expenditure was on electricity generation projects, growing ESB’s renewables generation base and enhancing system flexibility and security of supply.
The GT business also contributed strongly to maintaining security of electricity supply in Ireland throughout 2023 by progressing the delivery of flexible generation and battery projects and by facilitating emergency generation capacity under arrangements with EirGrid.
ESB’s carbon emissions from electricity generation reduced by almost 30% in 2023 compared with the previous year.