In line with our mission to constantly strive to make a real difference, we worked with Frontier Economics to find out what our economic contribution has been as one of the largest investors in the Irish state.
The economic impact report highlights how we have invested approximately €14 billion in Ireland across our energy and other business units from 2006 to 2022.
Along with helping to boost the wider economy, since 2006, we have invested a total of €13.3 billion in a range of energy assets in Ireland, including joint ventures with domestic and international companies in the energy sector totalling €256 million. Undertaking transformational investments is a strategic aim of our organisation, supporting national climate action plans and helping to address a range of sustainability challenges facing Ireland.
In 2022 alone, our economic activities generated approximately €3.7 billion in value for the Irish economy, accounting for both direct and indirect gross value-added impacts, representing a 2% increase in the last five years. And, in addition, to this, we generated approximately €1 billion in direct and indirect Exchequer contributions in 2022.
Supporting the transition to net zero
Some of the innovative partnerships we are involved in include our joint venture with Ørsted – the world leader in offshore wind. This will lead to the development of a portfolio with the potential to deliver up to 5GW of renewable energy and complementary renewable hydrogen projects. SIRO – our joint venture with Vodafone – is our most significant investment in the telecommunications sector which is building Ireland’s first 100% fibre wholesale network with speeds up to 2GB.
ESB Networks, meanwhile, continues to invest significantly in the transmission and distribution networks in Ireland and over a 15-year period, has invested a total of €10.7 billion in both networks, accounting for around 81% of its investment in electricity assets.
The €14 billion investment between 2006 and 2022 demonstrates our commitment to investing in critical energy infrastructure, supporting Ireland on its electrification journey, the creation of highly skilled jobs and overall capital investment.
Investment in our people
Much of this success is a result of our people. Approximately 10,400 jobs were directly or indirectly supported by ESB in 2022, the equivalent of 0.5% of total Irish employment – and over the past five years, our total estimated employment contribution has increased by approximately 2%.
Giving employees the opportunity to develop new skills through apprenticeships and upskilling programmes highlights our commitment to the development of the Irish energy sector and the wider workforce.
We are constantly evolving and through our long-term research and development partnerships with Irish universities and technical colleges, national and international energy research groups, and innovation programmes like Free Electrons.
A key foundational capability of our Net Zero by 2040 strategy is maintaining the financial performance and strength required to invest in a zero-carbon future with this economics report demonstrating how we are achieving that goal.