ESB has reported profit after tax of €706m for 2024, a reduction of 19% on the €868m recorded in 2023.
Profits in ESB’s Generation and Trading reduced in 2023 due to lower gross margins (in both Ireland and Great Britain).
In 2024, ESB made record capital investment of €2.2bn (including joint ventures) in critical energy infrastructure.
The carbon intensity of ESB’s power generation continues to reduce to a 46% reduction on the 2005 baseline.
Paul Stapleton, ESB’s Chief Financial Officer, said: “Our profit after tax for 2024 at €706m is a reduction of 19% on the previous year.
“Nevertheless, it represents a solid performance in the context of the change in market circumstances in 2024.
“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.
“The 2024 performance is in line with expectations and has enabled us to deliver a record capital investment of €2.2bn in critical energy infrastructure, while retaining the financial strength to invest more over the coming years.”
Stapleton added: “For every euro of Profit after Tax earned by ESB last year, we invested €3 in capital investment projects.”
ESB’s growing capital investment programme aims to continue to develop and decarbonise the energy system by connecting renewables.
ESB plans to further accelerate this investment to help underpin a more secure energy future, powered by clean electricity.
Stapleton said: “The unprecedented extreme weather events experienced in recent months caused significant electricity supply disruption which we acknowledge was very challenging for many of our customers.
“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.
“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.”
The total investment of €2.2bn included €1.4bn investment in electricity networks in Ireland and Northern Ireland, €500m invested in renewable generation projects, and €300m in security of supply and other investments.