Ireland's electricity company ESB Group has reported an operating profit before exceptional items of €357 million.

The firm published its Interim Financial Statements for the six months ended 30 June 2022, revealing a €6 million decrease in profit from the same period last year.

The decrease in operating profit is primarily due to regulated network tariff changes, losses incurred in ESB's Customer Solutions business and foreign exchange movements. At a Group level, this reduction in profits was offset to a large extent by higher energy margins in ESB's Generation business, reflecting increasing wholesale market prices.   

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ESB's generation and supply businesses are required to operate separately, so increased profits from ESB's generation business cannot be used to offset costs incurred by Electric Ireland. However, Group profits are invested in critical networks, renewable generation and other important energy infrastructure, as well as used to pay tax and dividends to the Government. Over the past 10 years, ESB has invested over €10 billion in energy infrastructure and paid over €1.2 billion in dividends. 

ESB's corporate strategy, Driven to Make a Difference: Net Zero by 2040, sets out a path to achieve net zero focused on decarbonised electricity, resilient energy infrastructure and empowering customers.

Commenting on the results, Geraldine Heavey, ESB's Chief Financial Officer, said: "Volatility and high wholesale market prices continue to be a feature of energy markets in 2022. In the first six months of 2022, ESB delivered an operating profit before exceptional items of €357 million and capital investment of €532 million. This provides the basis for continued strong investment in energy infrastructure to decarbonise electricity, improve resilience and empower customers in line with our 2040 Net Zero Strategy."