ESB continues to invest in building and connecting renewables and reduce dependence on fossil fuels to achieve net zero carbon emissions by 2040
Financial Highlights
- Capital Investment of €532 million in energy infrastructure
- Operating Profit before exceptional items of €357 million, a decrease of €6 million on the same period in 2021
- Strategy – Driven to Make a Difference: Net Zero by 2040
Dublin, Friday 16th September 2022
ESB Group today published its Interim Financial Statements for the six months ended 30 June 2022 (H1 2022). During a period of continued volatility in energy markets, ESB delivered an operating profit before exceptional items of €357 million, a decrease of €6 million on the same period in 2021.
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.
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 by:
- developing electricity networks to facilitate increased renewable connections along with the electrification of heat and transport;
- continuing to invest in low-carbon generation including significant offshore wind projects; and
- empowering customers to take more control of their energy use through smart tariffs and low-carbon energy services.
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.”
Customers
Electric Ireland is committed to helping our customers during these difficult times by offering flexible payment options and by making available a €3 million Hardship Fund for customers who are experiencing payment difficulties at the coldest time of the year.
ESB’s networks businesses (ESB Networks and NIE Networks) continue to focus on connecting renewables and delivering reliable and safe electricity over increasingly smart networks to 3.2 million homes, farms and businesses across the island of Ireland. The roll out of smart meters in the Republic of Ireland has continued with over 850,000 installed by the end of June 2022.
Contribution to the Economy
ESB contributes €2 billion annually to the Irish economy through dividends, investments, taxes, and jobs.
ESB provides significant employment both directly, with more than 8,000 employees, and indirectly through contractors and service providers.
ESB invested over €0.5 billion in energy infrastructure in H1 2022 bringing our total capital investment over the last 10 years to over €10 billion.
The ESB Group Financial Statements for the six months ended 30 June 2022 can be found here – www.esb.ie/investors
Ends
About ESB
ESB operates across the electricity market: from generation, through transmission and distribution to the supply of customers. In addition, we invest in supplying gas, energy services and, through Siro (our joint venture with Vodafone), fibre for telecommunications. In H1 2022 ESB had a 31% share of generation in the all-island market (via ESB Generation and Trading) and a 41% share of electricity supply in the all-island market (via Electric Ireland). ESB Networks owns the distribution and transmission networks in the Republic of Ireland and Northern Ireland Electricity Networks owns the distribution and transmission networks in Northern Ireland.
a16 MEÁN FÓMHAIR 2022
TORTHAÍ EATRAMHACHA FÓGARTHA AG AN ESB GROUP DO NA SÉ MHÍ DAR CHRÍOCH AN 30 MEITHEAMH 2022
Déanann an ESB infheistíocht i gcónaí chun foinsí inathnuaite fuinnimh a fhorbairt agus a nascadh agus chun an spleáchas ar bhreoslaí iontaise a laghdú le neodracht carbóin a bhaint amach faoi 2040.
Príomh-Bhuaicphointí Airgeadais
- Infheistíocht chaipitil €532 milliún sa bhonneagar fuinnimh
- Brabús oibriúcháin de €357 milliún sular cuireadh míreanna eisceachtúla san áireamh, ar thitim de €6 mhilliún é sin i gcomparáid leis an tréimhse chéanna in 2021
- Straitéis – Tiomanta ó thaobh Difear a Dhéanamh: Neodracht Carbóin faoi 2040
Baile Átha Cliath, Dé hAoine an 16 Meán Fómhair 2022
D’fhoilsigh ESB Group a Ráitis Airgeadais Eatramhacha inniu do na sé mhí dar chríoch an 30 Meitheamh 2022 (an chéad leath, 2022). Tréimhse a bhí ann ina raibh luaineacht leanúnach sna margaí fuinnimh agus bhain an ESB brabús oibriúcháin de €357 milliún amach roimh mhíreanna eisceachtúla, ar laghdú de €6 mhilliún é sin i gcomparáid leis an tréimhse chéanna in 2021.
Is é is mó is cúis leis an laghdú ar an mbrabús oibriúcháin ná athruithe taraifí líonra rialaithe, caillteanais tabhaíodh i ngnó Réitigh do Chustaiméirí an ESB agus athluacháil airgeadraí eachtracha. Ar leibhéal an Ghrúpa, bhíothas in ann corrlaigh fuinnimh ní b’airde i ngnólacht giniúna ESB a úsáid den chuid is mó chun an laghdú sin sna brabúis a fhritháireamh, a bhí mar léiriú ar an méadú ar phraghsanna sa mhargadh mórdhíola.
Ceanglaítear ar ghnólacht giniúna agus ar ghnólacht soláthair ESB a bheith ag feidhmiú ar leithligh. Mar sin, ní féidir brabúis níos airde ó ghnólacht giniúna ESB a úsáid chun costais arna dtabhú ag Electric Ireland a fhritháireamh. Bíodh sin mar atá, déantar brabúis an Ghrúpa a infheistiú i líonraí tábhachtacha, sa ghiniúint inathnuaite agus i mbonneagar tábhachtach fuinnimh eile, agus úsáidtear iad chomh maith le cáin agus díbhinní a íoc leis an Rialtas. Le deich mbliana anuas, tá ESB i ndiaidh corradh le €10 billiún a infheistiú sa bhonneagar fuinnimh agus níos mó ná €1.2 billiún a íoc mar dhíbhinní.
I straitéis chorparáideach ESB, Tiomanta ó thaobh Difear a Dhéanamh: Neodracht Carbóin faoi 2040, leagtar amach conair le neodracht carbóin a bhaint amach atá dírithe ar leictreachas dícharbónaithe, bonneagar fuinnimh athléimneach agus cumhacht a thabhairt do chustaiméirí ar na bealaí seo a leanas:
- líonraí leictreachais a fhorbairt le go mbeifear in ann níos mó naisc inathnuaite a chruthú mar aon le teas agus iompar a leictriú;
- infheistíocht a dhéanamh go leanúnach sa ghiniúint ísealcharbóin, tionscadail shuntasacha fuinnimh gaoithe amach ón gcósta ina measc; agus
- taraifí cliste agus seirbhísí fuinnimh ísealcharbóin a chur ar fáil le cur ar a gcumas do chustaiméirí níos mó smachta a bheith acu ar an bhfuinneamh a úsáideann siad.
Agus í ag caint ar na torthaí, arsa Geraldine Heavey, Príomhoifigeach Airgeadais ESB:
“Tá luaineacht agus praghsanna arda sa mhargadh mórdhíola fós mar chuid de mhargaí fuinnimh in 2022. Sa chéad sé mhí de 2022, bhain ESB brabús oibriúcháin de €357 milliún amach roimh mhíreanna eisceachtúla agus infheistíocht chaipitiúil de €532 milliún. Tá sé sin mar bhonn faoi infheistíocht láidir leanúnach sa bhonneagar fuinnimh chun leictreachas a dhícharbónú, athléimneacht a fheabhsú agus cumhacht a thabhairt do chustaiméirí i gcomhréir lenár Straitéis 2040 i dtreo Neodracht Carbóin.”
Custaiméirí
Tá Electric Ireland tiomanta ó thaobh cuidiú lenár gcustaiméirí sna tréimhsí deacra seo. Leis sin a dhéanamh, tá roghanna solúbthachta íocaíochta againn chomh maith le Ciste Cruatain €3 mhilliún ar mhaithe le custaiméirí a bhfuil deacrachtaí acu billí a íoc le linn na tréimhse is fuaire den bhliain.
Tá gnólachtaí líonraí ESB (ESB Networks agus NIE Networks) fós dírithe ar athnuaiteáin a nascadh agus leictreachas iontaofa sábháilte a sholáthar ar líonraí atá ag éirí níos cliste i rith an ama chuig 3.2 milliún teach, feirm agus gnólacht ar fud oileán na hÉireann ar fad. Tá clár na méadar cliste i bPoblacht na hÉireann ag leanúint ar aghaidh agus bhí breis agus 850,000 acu suiteáilte faoi dheireadh Mheitheamh 2022.
Rannchuidiú leis an nGeilleagar
Cuireann ESB €2 bhilliún le geilleagar na hÉireann gach bliain trí bhíthin díbhinní, infheistíochta, cánach agus post.
Cuireann ESB méid suntasach fostaíochta ar fáil go díreach, agus níos mó ná 8,000 duine fostaithe againn, agus go hindíreach nuair a chuirtear conraitheoirí agus soláthraithe seirbhíse san áireamh.
Rinne ESB infheistíocht breis agus €0.5 billiún i mbonneagar fuinnimh sa chéad leath de 2022, a fhágann go bhfuil infheistíocht chaipitiúil breis agus €10 billiún san iomlán déanta againn le deich mbliana anuas.
Tá Ráitis Airgeadais Ghrúpa ESB do na sé mhí dar chríoch an 30 Meitheamh 2022 ar fáil anseo – www.esb.ie/investors
Críoch
Eolas faoi ESB
Mar fhóntas comhtháite ingearach, feidhmíonn ESB thar an margadh leictreachais ar fad .i. leictreachais a ghiniúint, a tharchur, a dháileadh agus a sholáthar do chustaiméirí. Bealaí eile a ndéanaimid infheistíocht ná gás agus seirbhísí fuinnimh a sholáthar agus trí bhíthin Siro (comhfhiontar dár gcuid le Vodafone), is é sin snáithín le haghaidh teileachumarsáide. Sa chéad leath de 2022, bhí sciar 31% ag ESB den ghiniúint sa mhargadh uile-oileáin (trí Ghiniúint agus Trádáil ESB) agus sciar 41% den soláthar leictreachais sa mhargadh uile-oileáin (trí Electric Ireland). Is le ESB Networks na líonraí dáileacháin agus tarchurtha i bPoblacht na hÉireann agus is le Northern Ireland Electricity na líonraí dáileacháin agus tarchurtha i dTuaisceart Éireann.