The ESB Group reports an operating profit of €357 million in the first half of the year

ESB Group reported operating income before exceptional items of Euro 357 million for the six months ended June 30th.

Compared to the first half of 2021, this was a decrease of €6 million.

The semi-state attributed the drop to changes in regulated grid tariffs, losses in the customer solutions business and exchange rate movements.

Geraldine Heavey, ESB’s Chief Financial Officer, said: “Volatility and high wholesale market prices remain a feature of energy markets in 2022.”

ESB added that at the group level, this profit decline was offset in large part by higher energy margins in the generation business.

It said its generation and utility companies must operate separately, so higher profits from its generation business cannot be used to offset Electric Ireland’s costs.

The company with around 8,000 employees invested 532 million euros in the energy infrastructure in the first half of 2022.

“This lays the foundation for continued strong investments in energy infrastructure to decarbonize power, improve resilience and empower customers in line with our 2040 Net Zero Strategy,” added Ms. Heavey.

https://www.independent.ie/business/irish/esb-group-reports-operating-profit-of-357m-in-first-half-of-the-year-41993649.html The ESB Group reports an operating profit of €357 million in the first half of the year

Fry Electronics Team

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