• Operating Profit - €287 million
• Capital Investment - €356 million
• Dividends - €31 million paid during H1 2016

30 September 2016

ESB today published its Interim Financial Statements for the six months to June 2016 (H1 2016), reporting an Operating Profit of €287 million, while delivering value to our customers with significant reductions in electricity and gas prices to residential customers and continued strong capital investment in critical long term electricity infrastructure benefiting the wider Irish economy.

Operating Profit is down by €50 million, primarily reflecting the impact of weakening sterling on earnings following the Brexit vote. Profit after interest and tax of €64m has decreased by €137m primarily due to negative fair value movements on Northern Ireland inflation linked interest rate swaps (non-cash) reflecting the current low interest rate environment.

Commenting on the results, ESB’s Finance Director, Pat Fenlon said, "In the face of intensifying competition and lower wholesale electricity prices, these results reflect a strong operating performance across the ESB Group. ESB continues to focus on delivering value and investing in critical long term electricity infrastructure for the benefit of our customers, shareholders and the wider Irish economy, and this is enabled by maintaining a strong financial position."

Shareholders

A dividend payment of €31 million was made in H1 2016 in respect of 2015. Total dividends paid to the Irish Exchequer during the past ten years amount to almost €1.5billion.

Customers

Electric Ireland, ESB’s supply business, reduced electricity unit prices for all residential customers by 6% from the start of June 2016 and announced a further reduction in gas unit prices of 5% from the start of October 2016. This means Electric Ireland will have the lowest priced standard gas rate and lowest priced standard dual fuel (gas and electricity) rates in the Irish market.

Electric Ireland has reduced both residential electricity and gas prices three times in less than two years. These reductions give a total saving of €107 per year for the ‘typical household’ electricity customer and €187 for ‘typical household dual fuel (electricity and gas) customers compared to 2014 prices.

Electric Ireland residential customers can also claim additional savings of up to 8.5% off their energy bills year on year if they have online billing and pay by Direct Debt.

Electric Ireland had the highest customer satisfaction ratings (as measured by the Commission for Energy Regulation) among all electricity suppliers and the lowest level of customer disconnections among other large residential electricity suppliers in 2015.

Irish Economy

ESB invested €316million in critical energy infrastructure across the Island of Ireland during the first six months of 2016.

ESB contributes over €2billion annually to the Irish economy through dividends, investments, taxes and jobs. ESB provides significant employment both directly, with 7,600 employees, and indirectly through contractors and service providers.

The ESB Interim Financial Statements can be found here.

Ends

For Further Information please contact:

Kieran O'Neill, ESB Media Relations Manager, Mobile: 00-353-87-9349200 kieran.oneill@esb.ie

About ESB

ESB operates right across the electricity market: from generation, through transmission and distribution to the supply of customers. ESB is the owner of the distribution and transmission networks in the Republic of Ireland and Northern Ireland. It has a 49% share of generation in the all-island market and a 38% share of electricity supply in the all-island market with 1.4 million customer accounts.

ESB contributes over €2billion annually to the Irish economy through dividends, investments, taxes and jobs. ESB provides significant employment both directly, with 7,600 employees, and indirectly through contractors and service providers. Read more here.