ESB Group announces 2024 Annual Results

ESB Group announces 2024 Annual Results: Financial performance enabled record capital investment of €2.2bn in critical energy infrastructure

Issued: 7:05 am on Thursday, 20 March 2025

ESB has today published its Financial Statements for the year ended 31 December 2024.

Key Financial Highlights include:

• Profit after tax of €706m, with a dividend of €189m proposed
• Record capital investment of €2.2bn (including joint ventures) in critical energy infrastructure
• €3bn contribution to the Irish economy in 2024 in the form of payroll, taxes, dividends and purchases from domestic suppliers
• Continued financial strength necessary for sustained capital investment – forecasted at up to €13bn over the next five years – supporting National Development and Climate Action Plans
• Carbon intensity of ESB’s power generation continues to reduce – 46% reduction on 2005 baseline 

Commenting on these results, Paul Stapleton, ESB’s Chief Financial Officer, said: “Our profit after tax for 2024 at €706m is a reduction of 19% on the previous year. Nevertheless, it represents a solid performance in the context of the change in market circumstances in 2024. International wholesale energy prices were lower and relatively more stable in 2024 compared to the previous two years, but they remain volatile and at levels that are more than twice that experienced pre energy crisis. The 2024 performance is in line with expectations and has enabled us to deliver a record capital investment of €2.2bn in critical energy infrastructure, while retaining the financial strength to invest more over the coming years.” 

Paul Stapleton continued: “For every euro of Profit after Tax earned by ESB last year, we invested €3 in capital investment projects.”

ESB’s growing capital investment programme aims to continue to develop and decarbonise the energy system by connecting renewables, adding capacity for economic and social development, and ensuring safe, secure and reliable electricity supplies in the face of more frequent extreme weather events. ESB plans to further accelerate this investment to help underpin a more secure energy future, powered by clean electricity.

Paul Stapleton added: “The unprecedented extreme weather events experienced in recent months caused significant electricity supply disruption which we acknowledge was very challenging for many of our customers. This has highlighted the need to further invest to enhance the reliability of the network as well as continuing to invest in renewable energy sources. ESB Networks plans to more than double the scale of investment in the network over the next five years and NIE Networks will have a similar increase in Northern Ireland. This investment is only possible if ESB maintains profitability and a strong credit rating to support an increase in borrowings.”  

Affordability:  

International wholesale energy prices were lower and relatively more stable in 2024 compared to the previous two years, but they remain volatile and at levels that are more than twice that experienced pre energy crisis. ESB is very conscious that energy prices remain challenging for customers. Electric Ireland passed on three separate price reductions to residential customers in Ireland over the last 16 months and continually reviews its prices to ensure we are delivering best value to our customers. 

Capital Investment:

2024 saw another year of record levels of capital investment by ESB in critical infrastructure with over €1.8 billion capital expenditure directly incurred and close to €0.4 billion advanced to joint ventures for infrastructure projects. The total investment of €2.2 billion included €1.4 billion investment in electricity networks in Ireland and Northern Ireland, €0.5 billion invested in renewable generation projects, and €0.3 billion in security of supply and other investments.

Profitability:

Group Profit after Tax of €706m is a reduction on last year’s level of €868m. Profits in Generation and Trading reduced on 2023 due to lower gross margins (in both Ireland and Great Britain). There was an increase in profitability in both our Networks businesses on the island. There was also recovery in margin in our supply businesses, including an improved performance in So Energy in GB.

Dividend and other contributions:

ESB is recommending a dividend of €189m from 2024 profits, bringing total dividends to €1.8bn since 2014. ESB contributed over €3 billion to the Irish economy in 2024 in the form of payroll, taxes, dividends and purchases from domestic suppliers.  

Debt:

ESB had total borrowings of €7.5 billion and net debt of €6.7 billion at the end of 2024. ESB has maintained its financial strength with a strong liquidity position and credit ratings of A-/A3 (BBB+ on a standalone basis) with S&P and Moody’s (outlook Positive in both cases).   

ESB’s Net Zero strategy delivery:

ESB continues to make progress towards net zero. Compared to 2005 baseline levels, the carbon intensity of electricity generated in 2024 was 46% lower while ESB’s overall carbon emissions fell by 65% in that period. The generation fleet now includes a combined 1.8 GW of renewables (wind, hydro, solar) and renewable enabling assets (batteries, pumped storage). ESB Networks and NIE Networks had connected a total of 8.8 GW of renewables to their transmission and distribution networks by the end of 2024. 326,000 smart meters were also installed in 2024, bringing the total number of customers with a smart meter to over 1.9 million in Ireland. Over 85% of ESB capital expenditure in 2024 was aligned with the EU Taxonomy for sustainable investment.

ESB commissioned rating agency Moody’s to carry out an independent third-party Net Zero Assessment (NZA) on ESB’s Net Zero Pathway Report. The result was Moody’s assigning an NZ-3 score (significant) which indicates that our ambition is consistent with a well below 2 degrees Celsius goal in line with the Paris Agreement. Read the full assessment here.

ESB’s 2024 Financial Statements are available here: www.esb.ie/ir. An Irish language version of our Financial Statements is available to view simultaneously here. 

ENDS/

Notes to editor:

Other information – Performance by Business Unit (€’m)

The fall of €133 million in Group Profit Before Tax was driven by Generation and Trading, partially offset by increases in NIE Networks and Customer Solutions.

• Generation & Trading’s underlying operating profit is €398 million down on 2023 mainly due to lower gross margins on wholesale electricity market sales as hedged prices normalised from the high levels experienced in 2022 and into 2023. There were also exceptional items and certain re-measurements totalling to a loss of €19 million (2023: gain of €21 million). 
• NIE Networks’ Profit Before Tax for 2024 is €106 million higher than 2023 primarily as a result of higher revenue which reflects the recovery of allowed regulated costs, in 2024, from the inflationary surge of 2022 and 2023, along with higher pass-through income.
• Customer Solutions returned to profit in 2024, driven by year-on-year improvements in Electric Ireland (€89 million) and So Energy in Great Britain (€36 million), reflecting the relative normalisation of energy costs compared to 2022 and 2023.  
• ESB Networks’ Profit Before Tax is up on 2023, as higher regulated revenues were largely offset by an increase in payroll and operating costs, and in provision charges and depreciation.
• There was a €48 million improvement across other segments, driven by a reduction in net operating costs in the support businesses, translation gains, and lower net interest costs.

Torthaí Bliantúla 2024 fógartha ag Grúpa BSL: Infheistíocht chaipitil €2.2bn, an méid is airde riamh, déanta i mbonneagar ríthábhachtach fuinnimh a bhuí le dea‑fheidhmiú na heagraíochta ó thaobh airgeadais de

Arna eisiúint: 7:05 am, Déardaoin, an 20 Márta 2025

D’fhoilsigh Grúpa BSL a Ráitis Airgeadais inniu don bhliain dar chríoch an 31 Nollaig 2024.

I measc na bPríomh-Bhuaicphointí Airgeadais, tá:

• Brabús €706m i ndiaidh cánach, agus díbhinn €189m molta
• An infheistíocht chaipitil is mó riamh de €2.2bn (lena n-áirítear comhfhiontair) i mbonneagar ríthábhachtach fuinnimh
• €3bn curtha isteach i ngeilleagar na hÉireann in 2024 i bhfoirm párolla, cánacha, d��bhinní agus ceannacháin ó sholáthraithe intíre
• Dea‑fheidhmiú ó thaobh airgeadais de, a bhfuil gá leis le leanúint d’infheistíocht chaipitil, tuartha ag suas le €13bn thar na cúig bliana amach romhainn – rud a thacóidh le Pleananna Forbartha Náisiúnta agus Pleananna um Ghníomhú ar son na hAeráide
• Leanann déine carbóin na giniúna cumhachta a dhéanann BSL ar aghaidh ag laghdú – laghdú 46% i gcomparáid le bunlíne 2005 

Ag labhairt dó faoi na torthaí seo, dúirt Paul Stapleton, Príomh-Oifigeach Airgeadais BSL: “Is ionann ár mbrabús i ndiaidh cánach do 2024 agus €706m, sin laghdú 19% ar an mbliain roimhe sin. Mar sin féin, is feidhmíocht láidir é i gcomhthéacs an athraithe a tháinig ar chúinsí an mhargaidh in 2024. Bhí praghsanna mórdhíola fuinnimh idirnáisiúnta ní b’ísle agus ní ba chobhsaí ar an iomlán in 2024 i gcomparáid leis an dá bhliain roimhe sin, ach tá siad fós luaineach agus ag leibhéil atá níos mó ná dhá oiread níos mó ná mar a bhí ann roimh an ngéarchéim fuinnimh. Bhí an feidhmiú ó thaobh airgeadais de in 2024 ag teacht leis na hionchais agus chuir ar ár gcumas an infheistíocht chaipitil ab airde riamh de €2.2bn a sheachadadh i mbonneagar ríthábhachtach fuinnimh, agus an láidreacht airgeadais a choinneáil le tuilleadh infheistíochta a dhéanamh sna blianta atá amach romhainn.” 

Lean Paul Stapleton ar aghaidh: “I gcás gach euro de Bhrabús i ndiaidh Cánach a thuill BSL anuraidh, d’infheistíomar €3 i dtionscadail infheistíochta caipitil.”

Tá sé mar aidhm ag clár infheistíochta caipitil BSL, clár atá ag dul i méid, leanúint leis an gcóras fuinnimh a fhorbairt agus a dhícharbónú trí fhoinsí in-athnuaite a nascadh, trí acmhainn a chur le forbairt eacnamaíoch agus shóisialta, agus trí sholáthar leictreachais atá sábháilte, slán agus iontaofa a chinntiú in aghaidh tarluithe adhaimsire a tharlaíonn níos minice anois. Tá sé beartaithe ag BSL tuilleadh dlúis a chur leis an infheistíocht seo chun tacú le todhchaí fuinnimh níos sláine, agus é á spreagadh ag leictreachas glan.

Lean Paul Stapleton ar aghaidh: “Chuir an fhíor‑drochaimsir a tharla le míonna beaga anuas agus nach bhfacthas riamh cheana isteach go mór ar an soláthar leictreachais agus admhaímid go raibh sé an-dúshlánach ar fad do go leor dár gcustaiméirí. Léirigh sé seo an gá atá le tuilleadh infheistíochta a dhéanamh chun iontaofacht an ghréasáin a fheabhsú, chomh maith le leanúint ar aghaidh ag déanamh infheistíocht i bhfoinsí fuinnimh in-athnuaite. Tá sé beartaithe ag ESB Networks scála na hinfheistíochta sa líonra a dhúbailt thar na cúig bliana amach romhainn agus beidh méadú den chineál céanna á dhéanamh ag NIE Networks i dTuaisceart Éireann. Ní féidir an infheistíocht seo a dhéanamh ach amháin má choinníonn BSL brabúsacht agus rátáil chreidmheasa láidir chun tacú le méadú ar iasachtaí.”  

Inacmhainneacht:  

Bhí praghsanna mórdhíola fuinnimh idirnáisiúnta ní b’ísle agus ní ba chobhsaí ar an iomlán in 2024 i gcomparáid leis an dá bhliain roimhe sin, ach tá siad fós luaineach agus ag leibhéil atá níos mó ná dhá oiread níos mó ná mar a bhí ann roimh an ngéarchéim fuinnimh. Is maith a thuigeann BSL go bhfuil praghsanna fuinnimh fós dúshlánach do chustaiméirí. Chuir Electric Ireland trí (3) laghdú praghsanna ar leith ar aghaidh chuig custaiméirí cónaithe in Éirinn le 16 mhí anuas agus déanann sé athbhreithniú leanúnach ar a phraghsanna chun a chinntiú go bhfuil an luach is fearr á sholáthar againn dár gcustaiméirí. 

Infheistíocht Chaipitil:

Bliain eile ab ea 2024 ina ndearnadh BSL an leibhéal ab airde riamh d’infheistíocht chaipitil i mbonneagar criticiúil le breis is €1.8 billiún de chaiteachas caipitil tabhaithe go díreach agus gar do €0.4 billiún tugtha ar airleacan do chomhfhiontair i leith tionscadail bhonneagair. Áirítear leis an infheistíocht iomlán €2.2 billiún infheistíocht €1.4 billiún i líonraí leictreachais in Éirinn agus i dTuaisceart Éireann, €0.5 billiún infheistithe i dtionscadail ghiniúna in-athnuaite, agus €0.3 billiún infheistithe i slándáil an tsoláthair agus infheistíochtaí eile.

Brabúsacht:

Ba é €706m Brabús an Ghrúpa i ndiaidh Cánach, méid is laghdú ar an €868m a bhí ann anuraidh. Tháinig laghdú ar Bhrabús i nGiniúint agus Trádáil ó leibhéil 2023 mar gheall ar ollchorrlaigh níos ísle (in Éirinn agus sa Bhreatain Mhór araon). Tháinig méadú ar bhrabúsacht sa dá ghnó Líonraí atá againn ar an oileán. Tháinig téarnamh ar an gcorrlach inár ngnóthaí soláthair freisin, lena n-áirítear feidhmíocht fheabhsaithe in So Energy sa Bhreatain Mhór.

Díbhinní agus ranníocaíochtaí eile

Tá BSL ag moladh díbhinne €189m ó bhrabús 2024, rud a thabharfaidh díbhinní iomlána go €1.8bn ó 2014 i leith. Chuir BSL breis agus €3 billiún le geilleagar na hÉireann in 2024 ó thaobh párolla, cánacha, díbhinní agus ceannacháin ó sholáthraithe intíre de.  

Fiachas:

Bhí iasachtaí iomlán €7.5 billiún agus glanfhiachas €6.7 billiún ag BSL ag deireadh 2024. Choinnigh BSL a láidreacht airgeadais le staid láidir leachtachta agus rátálacha creidmheasa A-/A3 (BBB+ ar bhonn neamhspleách) le S&P agus Moody’s (dearcadh Dearfach sa dá chás).   

Seachadadh Straitéis Neodrachta BSL:

Leanann BSL ar aghaidh ag déanamh dul chun cinn i dtreo na neodrachta. I gcomparáid le leibhéil bhonnlíne 2005, bhí déine carbóin an leictreachais a ghintear in 2024 46% ní b’ísle ná sin agus tháinig laghdú 65% ar astaíochtaí carbóin foriomlána BSL sa tréimhse sin. Áirítear leis an bhflít giniúna anois 1.8 GW d’fhuinneamh in-athnuaite (fuinneamh gaoithe, hidreafhuinneamh, grianfhuinneamh) agus sócmhainní cumasúcháin in-athnuaite (ceallraí, taisce phumpála). Bhí 8.8 GW d’fhuinneamh in-athnuaite nasctha lena líonraí tarchurtha agus dáileacháin ag ESB Networks agus NIE Networks faoi dheireadh 2024. Suiteáladh 326,000 méadar cliste chomh maith in 2024, rud a thug líon iomlán na gcustaiméirí a bhfuil méadar cliste acu go dtí os cionn 1.9 milliún in Éirinn. Rinneadh breis agus 85% de chaiteachas caipitil BSL in 2024 a chur i gcomhréir le Tacsanomaíocht an AE maidir le hinfheistíocht inbhuanaithe.

Rinne BSL an ghníomhaireacht rátála Moody a choimisiúnú chun Measúnú Neodrachta neamhspleách tríú páirtí a dhéanamh ar Thuarascáil ar Chonair Neodrachta BSL. Bhronn Moody’s scór NZ-3 (suntasach) ar an tuarascáil, rud a thugann le fios go bhfuil ár n-uaillmhian ag teacht le sprioc atá i bhfad faoi bhun 2 chéim Celsius, i gcomhréir le Comhaontú Pháras. Is féidir an measúnú iomlán a léamh anseo.

Tá Ráitis Airgeadais BSL 2024 ar fáil anseo: www.esb.ie/ir. Tá leagan Béarla dár Ráitis Airgeadais ar fáil lena léamh go comhuaineach anseo. 

CRÍOCH/

Nótaí don eagarthóir:

Faisnéis eile – Feidhmíocht de réir Aonad Gnó (€’m)

Giniúint agus Trádáil a spreag an titim €133 milliún ar Bhrabús an Ghrúpa roimh Cháin, agus é fritháirithe go páirteach ag méaduithe ar NIE Networks agus Réitigh do Chustaiméirí.

• Tá an brabús oibriúcháin bunúsach ó Ghiniúint agus Trádáil €398 milliún níos ísle ná 2023 mar gheall ar ollchorrlaigh níos ísle ar dhíolacháin mhórdhíola an mhargaidh leictreachais go príomha toisc gur tháinig praghsanna fálaithe ar ais chucu féin arís tar éis na leibhéal ard a bhí ann in 2022 agus 2023. Bhí míreanna eisceachtúla agus atomhais áirithe ann chomh maith arbh ionann iad agus caillteanas iomlán €19 milliún (2023: gnóthachan €21 milliún). 
• Tá Brabús Roimh Cháin NIE Networks €106 milliún níos airde in 2024 ná 2023, mar gheall ar ioncam níos airde go príomha a léiríonn aisghabháil na gcostas ceadaithe rialaithe in 2024, ó bhorradh boilscithe 2022 agus 2023, mar aon le hioncam curtha ar aghaidh níos airde.
• D’fhill Réitigh do Chustaiméirí ar bhrabús in 2024, á spreagadh ag feabhsuithe bliain ar bhliain in Electric Ireland (€89 milliún) agus So Energy sa Bhreatain Mhór (€36 milliún), rud a léiríonn normalú coibhneasta na gcostas fuinnimh i gcomparáid le 2022 agus 2023.  
• Tá méadú tagtha ar Bhrabús Roimh Cháin ESB Networks ó 2023, toisc go raibh ioncam rialaithe ní b’airde fritháirithe den chuid is mó ag méadú ar phárolla agus costais oibriúcháin, agus ar tháillí soláthair agus dímheas.
• Tháinig feabhas €48 milliún thar chodanna eile, á spreagadh ag laghdú ar ghlanchostais oibriúcháin sna gnólachtaí tacaíochta, gnóthachain aistriúcháin, agus glanchostais úis ní b’ísle.