ESB Group has reported revenue of almost €3.7 billion for the first half of 2022 – up from almost €2.2 billion last year.
Interim Financial Statements for the state company, published today, reveal an operating profit before exceptional items of €357 million.
As electricity costs surge for consumers, the company said it is “not in a position to offset costs in the retail business with profits in the generation business”.
Paddy Hayes, CEO of ESB, said that ESB is required to operate different parts of its Irish business separately.
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.
Meanwhile, Electric Ireland will increase residential electricity bills by 26.7 per cent and residential gas bills by 37.5 per cent with effect from 1st October 2022. The increases equate to €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill.