ESB profits fell €162 million in 2024

The ESB reported a significant drop in post-tax profits for the last year, totaling €706 million. This is a decrease of 19% from 2023, when profits were €868 million. The reduction was mainly due to falling wholesale energy prices. Paul Stapleton, the Chief Financial Officer, noted that the wholesale energy market remains highly unpredictable. He mentioned that while lower costs benefit consumers, price volatility is a concern. Although wholesale prices rose in the latter half of last year and peaked earlier this year, they have recently decreased by 20%. Stapleton emphasized that future consumer prices will depend on the performance of wholesale costs in the coming weeks. The ESB plans to distribute a dividend of €189 million, contributing to a total of €1.8 billion in dividends over the past decade. Despite the profit decline, Stapleton described the performance as solid. He revealed that the ESB invested €3 for every euro of profit back into infrastructure projects. Last year, the company invested €1.4 billion in energy infrastructure in Ireland and Northern Ireland, focusing on enhancing grid capacity and integrating renewable energy sources. On the impact of Storm Éowyn, Stapleton could not provide a specific cost estimate for repairs, calling the storm “hugely disruptive.” The ESB acknowledged the storm's effects on customers and committed to increasing investments in the grid over the next five years.