ESB GROUP ANNOUNCES FULL YEAR RESULTS FOR YEAR ENDED 31 DECEMBER 2019

Dublin, Friday 27 March 2020

 

ESB recognises that our role in the provision of a reliable electricity service is critical to the economy and society. This is even more important at this time of national need. ESB’s business units– including generation, transmission, distribution and supply – have implemented business continuity response plans to ensure continued provision of a safe and reliable electricity service to homes, businesses and communities across Ireland. 

Today (Friday 27 March), in line with our corporate reporting obligations, we filed our 2019 financial statements with the Irish Stock Exchange (Euronext Dublin). For 2019 ESB reported profit after tax of €338 million and capital investment of €1.2 billion. ESB recommended a dividend of €88 million in respect of 2019 with total dividends paid to the Irish Exchequer over the past 10 years amounting to €1.2 billion.

Despite challenging times for the industry over recent years, we continue to maintain strong investment grade credit ratings of A- / A3 with Standard & Poor’s and Moody’s credit rating agencies respectively. 

Competition, regulation and decarbonisation has significantly changed the operating environment for thermal generation plants in recent years which gave rise to ESB, in line with other utilities across Europe, impairing some of its generation assets. In 2019 ESB had an exceptional, non-cash charge of €94 million relating to its generation portfolio as the company continues to lead the transition to a low-carbon energy future based on clean, reliable, affordable electricity.

ESB’s diversified businesses and solid financial position ensures it is well placed to meet current and future challenges. We are acutely aware that we are in the midst of an unprecedented event with many of our customers experiencing financial challenges and uncertainty.

While the ongoing COVID-19 pandemic will challenge ESB both operationally and financially during 2020, our primary focus remains on ensuring the continued provision of a safe and reliable electricity service and supporting all of our customers.

More information on our 2019 Annual Results can be found here.

Ends

Media Enquiries to: Grainne Burns, ESB Press Office, 087-9536640

About ESB

ESB operates across the electricity market: from generation, through transmission and distribution to the supply of customers with an expanding presence in the Great Britain generation market. In addition, we extract further value through supplying gas, energy services and using our networks to carry fibre for telecommunications. ESB is the owner of the distribution and transmission networks in the Republic of Ireland (via ESB Networks) and Northern Ireland (via Northern Ireland Electricity Networks Ltd).