ESB Group records operating profit of €847m for 2022

Muireann Duffy

The ESB Group's profits soared in 2022 following price increases due to higher wholesale energy prices.

The company has reported an operating profit of €847 million for the year, up from €679 million in 2021.

However, the group previously announced it will forgo residential profits - €55 million for 2022 - in favour of supports aimed at those struggling to pay their energy bills. This included a €50 credit for Electric Ireland's over 1.1 million residential customers in December, and increasing their Hardship Fund to €5 million.

Dividends of €327 million have been proposed for the year, an increase of €201 million on 2021.

The company said the primary driver of the jump in profitability was its generation businesses operating in the wholesale markets in Ireland and Britain.

During the year, ESB Group also invested €1.4 billion in energy infrastructure, and almost €300 million in renewable joint-venture projects.

"ESB recognises that high energy prices are difficult for our customers," the company's chief financial officer Paul Stapleton said.

"2022 has been an extraordinary year in global energy markets with volatile and high wholesale prices leading to exceptionally high profits from ESB’s generation businesses in Ireland and Great Britain.

"In 2022, we delivered record levels of capital investment of €1.4 billion in critical energy infrastructure and network resilience, cementing our commitment to achieving net-zero emissions by 2040."