Tuesday 24 October 2017

ESB pay Government €236m in first half of year despite massive storm bill

Pre tax operating profits at the state owned power company  were €326m in the period to the end of June, €33m less than last year.
Pre tax operating profits at the state owned power company  were €326m in the period to the end of June, €33m less than last year.
Donal O'Donovan

Donal O'Donovan

THE ESB paid €236m to the Government in the first six months of the year, even after being hit with a massive bill for last winter’s storms.

Pre tax operating profits at the state owned power company were €326m in the period to the end of June, €33m less than last year.

But that fall was largely driven by repair costs of €25m associated with the clean up after last winter’s storms.

In the first six months of the year the ESB booked €38m from the sale of its share in the Bizkaia Energia power plant in Spain. That helped finance the close to a quarter of a billion euro in dividends paid to the State. Those dividends are up sharply compared to €78m handed over last year.

That was after the Government ordered the power company to sell assets in order to finance a one off €400m payment that will be used to boost the Exchequer and pay off debt.

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