ESB Group has reported a 30% increase in its group operating profits for the six months to the end of June after what it called a period of continued uncertainty and change for the energy industry.
The group's half year group operating profit rose by €157m to €676m, while revenues rose to €4.903 billion from €3.678 billion.
But these positive movements were partially offset by lower Electric Ireland profitability for this six-month period compared to the first half of 2022, the company added. We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage PreferencesBut he added that the levels of volatility in global energy markets experienced in 2022 eased somewhat in the first half of 2023.
In today's results statement, ESB said it is investing heavily in the development of new wind and solar generation and significantly increased the amount of renewable generation connected to Ireland's electricity networks. ESB said it paid about €1.5 billion in dividends to the State over the past decade, including a €317m dividend from 2022 profits.ESB Group is organised into five reportable divisions which are managed separately - ESB Networks, Northern Ireland Electricity Networks, its UK Generation and Trading division, Customer Solutions - which includes Electric Ireland - and its Engineering and Major Projects division.
It said the return to profit was mainly driven by greatly improved performance in its So Energy business with the business close to breakeven in operating profit terms He also pointed to legislation, which the Government is due to bring through the Oireachtas shortly, which will allow the State to tax windfall profits from energy companies.Dr Muireann Lynch, Energy Economist with the ESRI, said today that the ESB's networks division and its businesses in the UK have experienced a large increase in profits.
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