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ESB made loss of €32m in 2017

ESB Networks says it made a loss of €32m last year, amid what it calls challenging market conditions.

The semi-state company says this includes increased competition and pressure on energy margins.

It paid a dividend of €60m to the Exchequer for 2017, which amounts to a total of €1.4b in the last 10 years.

The company employs almost 8000 people in Ireland both directly and indirectly through contractors and service providers and provides electricity networks to 3.1 million customers.

In 2017, which was the 90th anniversary of the establishment of ESB, it invested €867m in energy infrastructure and other projects, which it will continue to do through to 2030 under its strategy to transition to low-carbon energy.

Pat O’Doherty, ESB’s Chief Executive said:

[quote]In 2017, ESB continued to focus on delivering long-term value and investing in critical long-term electricity infrastructure for the benefit of our customers, shareholders and the wider Irish economy. ESB’s solid underlying financial position ensures it well placed to lead the transition to reliable, affordable low carbon energy for Ireland.[/quote]

- Digital Desk