ESB operating profits fall in 2014, dragged down by lower prices and storm costs
Operating profit at semi-state ESB dropped by €132m last year to €552m, a fall of nearly 20pc.
The company said that this was mainly due to lower electricity wholesale prices due to a drop in gas prices, significant repair costs incurred by storm damage during the first half of the year and the cost of maintenance and repair work in its Moneypoint coal plant.
Profit after tax was €215m, a decrease of €295m compared to 2013.
The company said that this was partly offset by €20m worth of “savings and improvements in other income streams”.
It said that it has achieved €270m in recurring annual savings since 2010.
Commenting on the results, ESB’s Chief Executive Pat O’Doherty said: “In the face of some challenges in 2014, these results reflect a solid performance across the Group.
“ESB continues to deliver value for its customers, its shareholders, and for the Irish economy, while maintaining its financial strength and credit rating.”