Tuesday 20 March 2018

ESB pays €78m to Exchequer after banking profit of €194m last year

Colm Kelpie

Colm Kelpie

THE ESB recorded a profit after tax of €194m last year and paid a dividend to the exchequer of €78m.

The energy company’s annual results stated that it had invested €765m in infrastructure projects last year.


This included €466m invested in upgrading electricity transmission and distribution network in Ireland to accommodate increases in wind generation.


ESB chairman Lochlann Quinn said the results showed an overall improvement in Group performance for the year.


“This is important as a financially strong ESB can ensure continued investment in important infrastructure in Ireland.


“Despite continuing challenges in domestic and international markets, we succeeded in raising €1.1bn through the issue of new bonds to repay maturing debt and to fund our ongoing investment programme of up to €1b per year.”


During 2012 ESB raised €1.1bn through the issue of bonds to predominantly European investors.


In recent months two credit rating agencies, Standard & Poors and Fitch, changed the outlook on their rating of ESB from Negative to Stable.

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