ESB profits soared 33 per cent last year to €868 million, boosted by its British business, the State-owned energy company said on Thursday. The group pledged to pay the State a dividend of €220 million on the back of the profits, bringing to €1.4 billion the total that it has handed over the Exchequer over 10 years. Paul Stapleton, chief financial officer, said that while the energy crisis sparked in 2022 by the Ukraine war eased last year, wholesale prices remained high.
He added that its subsidiary Electric Ireland had recently cut the prices at which it supplies energy to homes and businesses, the group was “very mindful” that customers continued to grapple with high charges. Profits grew partly on an increased contribution from its businesses in Britain, which account for almost a quarter of its surplus, ESB said. ESB boosted investment by €334 million to €1.73 billion in 2023. Mr Stapleton forecast that capital spending would top €11 billion over the next five years