ESB GROUP ANNOUNCES STRONG RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

Financial Highlights: 

Issued: Wednesday, 22 March 2023  

ESB Group today published its Financial Statements for the year ended 31 December 2022.  

Commenting on the results, Paul Stapleton, ESB’s Chief Financial Officer (CFO), said:   

“ESB recognises that high energy prices are difficult for our customers. 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. The increase in profitability also allows us to recommend an enhanced dividend of €327 million, bringing to almost €1.5 billion the total dividend provided over the last 10 years.” 

He added: “As a regulated entity, ESB is required to operate Electric Ireland, its supply business, on a standalone basis. It is not permitted to subsidise that business (including the prices that it charges to its customers) with revenues earned from its networks or generation businesses. Electric Ireland did not make any profit in its residential electricity supply business in Ireland last year as we returned more than €55 million through a €50 credit to each of our more than 1.1 million residential customers in December and increased our Hardship Fund to €5 million.” 

Financial Details  

Operating profit before exceptional items increased by €168 million on 2021, primarily due to the impact of higher wholesale prices in our Generation and Trading businesses both in Ireland and Great Britain. This was offset, to some extent, by losses in the Customer Solutions businesses and lower levels of profitability in ESB Networks and NIE Networks.  

Dividends and other contributions 

ESB is recommending a one-off enhanced dividend of €327 million, up from €126 million in 2021, bringing dividends to almost €1.5 billion over the last 10 years.  

ESB provides significant employment both directly, with more than 8,000 employees, and indirectly through contractors and service providers. ESB contributes more than €2.3 billion annually to the Irish economy through dividends, investments, taxes, and jobs.   

Business Unit Performance 

Generation and Trading (GT) 

Generation and Trading’s operating profit at €774 million is up €590 million on 2021. This is mainly due to increased energy margin for both thermal and renewable generation assets as a result of higher wholesale market prices in both Ireland and in particular Great Britain.  

Investing in Energy Infrastructure for a Low-Carbon System 

• More than €130 million invested in new flexible generation (capacity of 190MW) and electricity storage assets, including two new large battery storage projects in Aghada and Kylemore (Dublin), with three more under construction.  

• Almost €300 million was advanced to renewable joint venture projects, mostly in the offshore sector.  

• The construction of a new synchronous condenser at Moneypoint in Co Clare marked the completion of the next phase of the ambitious Green Atlantic project, representing an overall investment to date of €50 million. 

• To support energy security at a time of tightening capacity margins in Ireland and Great Britain, ESB invested over €20 million during 2022 to strengthen the resilience of our existing generation assets and maximise their availability for times of high demand. 

• Ongoing work on the installation of c.200 MW of temporary emergency generation capacity at North Wall continues, targeted for winter 2023/24.  

Customer Solutions (including Electric Ireland) reported an operating loss of €109 million. Financial performance within Ireland and Northern Ireland was down on previous years due to the €50 winter credit to residential customers in Ireland which eliminated any profit on residential electricity sales in Ireland.  In addition, losses incurred in the Great Britain retail business resulting from increased wholesale energy costs coupled with the regulatory mandated price cap resulted in an overall loss in Customer Solutions.   

Supporting our customers and communities through the energy crisis 

• Electric Ireland applied a €50 credit for all residential electricity customers in Ireland in December 2022.  

• Electric Ireland Hardship Fund increased to €5 million. 

ESB Networks 

ESB Networks’ operating profit for 2022 at €207 million is down €202 million on 2021 due to a decrease in revenue from regulated tariffs, higher operating costs to support the delivery of PR5 and higher depreciation costs due to an increase in the asset base. Capital expenditure at €869 million is up €135 million (18%) on 2021 driven by an increase in new customer connections, higher asset replacement programmes and higher investment in the transmission network.  

Investing in a resilient network 

• Record volume of renewable generation connected in 2022 with approximately 700MW, connecting 23 large-scale renewable generator projects. 

• ESB Networks invested €347 million in network reinforcement and asset replacement in 2022 whilst €130 million was spent on maintaining the existing network.  

• Progress continued on the Smart Metering Programme with expenditure of €134 million in 2022. More than 1.1 million smart meters were installed by December 2022 with ESB Networks now connecting in excess of 40,000 smart meters per month. 

• In October 2022, ESB Networks extended the “Beat the Peak” initiative to domestic customers who are being encouraged to sign up to adopt measures moving their individual demand away from the evening peak.  

• In September 2022, ESB Networks launched a new small-scale generation connection process. This is designed to enable more customers, who generate their own renewable electricity, to safely connect and export their excess electricity to the local electricity network and play a more active part in connecting Ireland to a clean electric future. 

NIE Networks 

NIE Networks’ operating profit for 2022 at €64 million is down €10 million on 2021. This is as a result of inflationary pressures on NIE Networks’ cost base and increased staff costs reflective of recruitment during the year to enable NIE Networks to deliver on its commitments to transform the energy system to meet Northern Ireland’s climate goals.  

Capital expenditure at €255 million is up €62 million, reflecting an increase in work programmes as part of NIE Networks’ plan to successfully deliver the physical outputs required in the current price control.  

Ends/ 

The full annual results is available here.

About ESB 

ESB was established in 1927 as a statutory body under the Electricity (Supply) Act, 1927. With a holding of 96.9%, ESB is majority owned by the Irish Government. The remaining 3.1% is held by the trustees of an Employee Share Ownership Plan. As a strong, diversified utility, ESB operates across the electricity market, from generation through transmission and distribution, to supply of customers in addition to using our networks to carry fibre for telecommunications. ESB is a leading Irish utility with a regulated asset base of approximately €12.0 billion (comprising ESB Networks €9.7 billion and NIE Networks €2.3 billion), a 30% share of generation in the all-island market and supply businesses supplying electricity and gas to over 2 million customer accounts throughout the island of Ireland and Great Britain. During the year ended 31 December 2022, ESB Group employed an average of over 8,000 people. 

TORTHAÍ LÁIDRE FÓGARTHA AG GRÚPA BSL DON BHLIAIN DAR CHRÍOCH AN 31 NOLLAIG 2022  

Buaicphointí Airgeadais

• Infheistíocht Chaipitil €1.4 billiún sa bhonneagar fuinnimh - an méid is mó riamh  
• Brabús oibriúcháin €847 milliún sular cuireadh míreanna eisceachtúla san áireamh (i gcomparáid le €679 milliún in 2021) 
• Díbhinn fheabhsaithe €327 milliún molta (i gcomparáid le €126 milliún in 2021) 
• Cuireann BSL €2.3 billiún le geilleagar na hÉireann gach bliain trí dhíbhinní, infheistíochtaí, cáin agus poist 
• Ligeann Electric Ireland brabúis chónaithe uathu chun breis agus €55 milliún a chur ar fáil i gcreidmheasanna díreacha do chustaiméirí agus mar thacaíocht don Chiste Cruatain 
• Is iad brabúis ó na gnólachtaí giniúna a fheidhmíonn sa mhargadh mórdhíola in Éirinn agus sa Bhreatain Mhór atá ina bpríomhspreagadh ar an méadú ar bhrabúsacht BSL bliain ar bhliain.  

Arna eisiúint: Dé Céadaoin, an 22 Márta 2023  

D’fhoilsigh Grúpa BSL a Ráitis Airgeadais inniu don bhliain dar chríoch an 31 Nollaig 2022.  

Agus é ag caint faoi na torthaí, dúirt Paul Stapleton, Príomhoifigeach Airgeadais BSL:   

“Aithníonn BSL go bhfuil praghsanna arda fuinnimh deacair dár gcustaiméirí. Bhí 2022 neamhghnách ar fad mar bhliain i margaí fuinnimh an domhain i bhfianaise praghsanna mórdhíola luaineacha agus arda as ar tháinig brabúis thar a bheith ard ó ghnólachtaí giniúna BSL in Éirinn agus sa Bhreatain Mhór. In 2022, chuireamar leibhéil infheistíochta caipitil €1.4 billiún ar fáil i mbonneagar fuinnimh criticiúil agus athléimneacht líonra, agus neartaíomar ár dtiomantas do neodracht a bhaint amach faoi 2040. Ligeann an méadú ar bhrabúsacht dúinn freisin díbhinn fheabhsaithe €327 milliún a mholadh, rud a chiallaíonn gur cuireadh díbhinn iomlán beagnach €1.5 billiún ar fáil le 10 mbliana anuas.” 

Lean sé air: “Mar eintiteas rialáilte, tá sé de cheangal ar BSL a ghnó soláthair, Electric Ireland, a oibriú ar bhonn neamhspleách. Ní cheadaítear fóirdheontas a thabhairt don ghnó sin (lena n-áirítear na praghsanna a ghearrann sé ar a chustaiméirí) le hioncam a thuilltear óna líonraí nó ó ghnólachtaí giniúna. Ní dhearna Electric Ireland aon bhrabús ina ghnó soláthair leictreachais cónaithe in Éirinn anuraidh toisc gur thugamar breis agus €55 milliún ar ais trí chreidmheas €50 a thabhairt i mí na Nollag do gach custaiméir den bhreis agus 1.1 milliún custaiméir cónaithe atá againn agus mhéadaíomar ár gCiste Cruatain go €5 mhilliún.” 

Sonraí Airgeadais  

Tháinig méadú €168 milliún ar bhrabús oibriúcháin roimh mhíreanna eisceachtúla i gcomparáid le 2021, go príomha mar gheall ar an tionchar a bhí ag praghsanna mórdhíola níos airde inár ngnólachtaí Giniúna agus Trádála in Éirinn agus sa Bhreatain Mhór. Rinneadh é seo a fhritháireamh, go pointe áirithe, trí chaillteanais i ngnólachtaí Réitigh Custaiméirí agus leibhéil níos ísle brabúsachta in ESB Networks agus NIE Networks.  

Díbhinní agus ranníocaíochtaí eile 

Tá BSL ag moladh díbhinn fheabhsaithe aonuaire €327 milliún, sin méadú ar an €126 milliún a tugadh in 2021, rud a fhágann go bhfuil díbhinní beagnach €1.5 bhilliún tugtha againn le 10 mbliana anuas. Cuireann BSL méid suntasach fostaíochta ar fáil go díreach agus breis agus 8,000 duine fostaithe againn, agus go hindíreach nuair a chuirtear conraitheoirí agus soláthraithe seirbhíse san áireamh. Cuireann BSL breis agus €2.3 bhilliún le geilleagar na hÉireann gach bliain trí dhíbhinní, infheistíochtaí, cáin agus poist.   

Feidhmíocht an Aonaid Ghnó 

Giniúint agus Trádáil 

Ag €774 milliún, tá méadú €590 tar éis teacht ar an mbrabús oibriúcháin a bhaineann le Giniúint agus Trádáil i gcomparáid le 2021. Is é is cúis leis seo go príomha ná corrlach méadaithe fuinnimh i gcás sócmhainní giniúna teirmeacha agus in-athnuaite mar thoradh ar phraghsanna margaidh mórdhíola níos airde in Éirinn, agus sa Bhreatain Mhór go háirithe.  

Infheistíocht a dhéanamh i mBonneagar Fuinnimh do Chóras Ísealcharbóin 

• Infheistíodh níos mó ná €130 milliún i sócmhainní nua solúbtha giniúna (toilleadh 190MW) agus stórála leictreachais, lena n-áirítear dhá thionscadal mhóra nua stórála ceallraí in Áth Fhada agus sa Choill Mhóir (Baile Átha Cliath), agus trí cinn eile atá á dtógáil faoi láthair.  
• Réamhíocadh beagnach €300 milliún chuig tionscadail chomhfhiontair in-athnuaite, san earnáil amach ón gcósta go príomha.  
• Nuair a tógadh comhdhlúthadán sioncrónach nua ag Gob na Muine i gCo. an Chláir, críochnaíodh an chéad chéim eile de thionscadal uaillmhianach an Atlantaigh Ghlais, rud a léiríonn infheistíocht fhoriomlán €50 milliún go dtí seo. 
• Chun tacú le slándáil fuinnimh tráth a raibh corrlaigh acmhainne níos doichte ag teacht i bhfeidhm in Éirinn agus sa Bhreatain Mhór, d'infheistigh BSL breis agus €20 milliún le linn 2022 chun athléimneacht ár sócmhainní giniúna reatha a neartú agus a n-infhaighteacht a uasmhéadú le haghaidh amanna a bhíonn ardéileamh orthu. 
• Leanann an obair leanúnach ar c.200 MW de chumas giniúna éigeandála sealadach a shuiteáil sa Phort Thuaidh, dírithe ar gheimhreadh 2023/24.  

Thuairiscigh Réitigh do Chustaiméirí (Electric Ireland san áireamh) caillteanas oibriúcháin €109 milliún. Bhí feidhmíocht airgeadais in Éirinn agus i dTuaisceart Éireann laghdaithe i gcomparáid le blianta roimhe seo mar gheall ar an gcreidmheas geimhridh €50 a tugadh do chustaiméirí cónaithe in Éirinn, rud a chuir deireadh le brabús ar bith ar dhíolacháin leictreachais chónaitheacha in Éirinn.  Ina theannta sin, tharla caillteanas foriomlán i Réitigh do Chustaiméirí mar thoradh ar chaillteanais a tabhaíodh i ngnó miondíola na Breataine Móire a tharla mar gheall ar chostais mhéadaithe mhórdhíola fuinnimh in éineacht leis an gcaidhp phraghais sainordaithe rialála.  

Ag tacú lenár gcustaiméirí agus lenár bpobail tríd an ngéarchéim fuinnimh 

• Chuir Electric Ireland creidmheas €50 i bhfeidhm do gach custaiméir cónaithe leictreachais in Éirinn i mí na Nollag 2022.  
• Méadaíodh Ciste Cruatain Electric Ireland go €5 mhilliún. 

ESB Networks 

Ag €207 milliún in 2022, tá brabús oibriúcháin ESB Networks síos €202 milliún ar fhigiúirí 2021 mar gheall ar laghdú ar ioncam ó tharaifí rialáilte, costais oibriúcháin ní b’airde chun tacú le seachadadh PR5 agus costais dímheasa ní b’airde mar gheall ar mhéadú ar an mbonn sócmhainní. Ag €869 milliún in 2022, tá méadú €135 milliún (18%) tagtha ar chaiteachas caipitiúil 2021 mar thoradh ar mhéadú ar naisc nua custaiméirí, cláir athsholáthair sócmhainní ní b’airde agus infheistíocht níos b’airde sa líonra tarchurtha.  

Infheistíocht a dhéanamh i líonra athléimneach 

• Rinneadh an méid ba mhó giniúna in-athnuaite a cheangail i 2022 le thart ar 700MW, ag nascadh 23 tionscadal gineadóra in-athnuaite ar mhórscála. 
• D'infheistigh ESB Networks €347 milliún in athneartú líonra agus in athsholáthar sócmhainní in 2022 agus caitheadh €130 milliún ar an líonra reatha a chothabháil ag an am céanna.  
• Leanadh ar aghaidh leis an dul chun cinn ar an gClár Méadraithe Cliste le caiteachas €134 milliún in 2022. Suiteáladh breis agus 1.1 mhilliún méadar cliste faoi mhí na Nollag 2022 agus bíonn ESB Networks ag nascadh breis agus 40,000 méadar cliste in aghaidh na míosa anois. 
• I mí Dheireadh Fómhair 2022, leathnaíodh ESB Networks an tionscnamh “Beir Bua ar an mBuaic” do chustaiméirí baile atá á spreagadh chun clárú le bearta a ghlacadh chun a n-éileamh aonair a úsáid taobh amuigh de bhuaicamanna na hoíche.  
• Sheol ESB Networks próiseas nasctha nua um ghiniúint ar scála beag i mí Mheán Fómhair 2022. Dearadh é seo chun ligean do níos mó custaiméirí, a ghineann a leictreachas in-athnuaite féin, a leictreachas breise a nascadh agus a easpórtáil go sábháilte leis an líonra leictreachais áitiúil agus, dá bhrí sin, páirt níos gníomhaí a ghlacadh ó thaobh an tír seo a nascadh le todhchaí ghlan leictreach. 

NIE Networks 

Ag €64 milliún in 2022, tá laghdú €10 milliún tagtha ar bhrabús oibriúcháin NIE Networks in 2021. Tharla sé seo mar thoradh ar bhrúnna boilscithe ar bhonn costais NIE Networks agus costais foirne méadaithe a léiríonn an earcaíocht a rinneadh i rith na bliana chun NIE Networks a chumasú chun a ghealltanais a chur i gcrích maidir leis an gcóras fuinnimh a athrú ó bhonn chun spriocanna aeráide Thuaisceart Éireann a bhaint amach.  

Ag €255 milliún, tá méadú €62 milliún tagtha ar chaiteachas caipitil, rud a léiríonn méadú ar chláir oibre mar chuid de phlean NIE Networks chun na haschuir fhisiciúla a theastaíonn sa rialú praghsanna reatha a sheachadadh go rathúil.

Tá an tuarascáil bhliantúil iomlán le fáil anseo.  

Críoch/ 

Fiosruithe ó na meáin: Gráinne Burns, 087-9536640 / grainne.burns@esb.ie 

Eolas faoi BSL 

Bunaíodh BSL in 1927 mar chomhlacht reachtúil faoin Acht Leictreachais (Soláthar), 1927. Agus gabháltas 96.9% aici, tá BSL faoi úinéireacht thromlaigh Rialtas na hÉireann. Tá an 3.1% eile i seilbh iontaobhaithe Phlean Úinéireachta Scair-Úinéireachta d'Fhostaithe. Mar fhóntas láidir éagsúlaithe, oibríonn BSL ar fud mhargadh an leictreachais, ó ghiniúint trí tharchur agus dáileadh, go soláthar custaiméirí chomh maith lenár líonraí a úsáid chun snáthoptaic a iompar le haghaidh teileachumarsáide. Is príomhfhóntas Éireannach é BSL le bonn sócmhainne rialáilte de thart ar €12.0 billiún (ina bhfuil ESB Networks €9.7 billiún agus NIE Networks €2.3 billiún), sciar 30% den ghiniúint sa mhargadh uile-oileáin agus gnólachtaí soláthair leictreachais agus gáis do níos mó ná 2 mhilliún cuntas custaiméara ar fud oileán na hÉireann agus na Breataine Móire. Le linn na bliana dar chríoch an 31 Nollaig 2022, d'fhostaigh Grúpa BSL breis agus 8,000 duine ar an meán.