Wednesday 17 October 2018

Rising costs see profits plunge at ESB's Derry plant

ESB Logo
ESB Logo

Ryan McAleer

AN ESB-owned company, which itself owns a gas-fired electricity-generating plant in Derry, has reported an 82pc drop in its profits.

New accounts from Coolkeeragh ESB Ltd reveal that pre-tax profits went from £24.2m in 2016 to £4.4m in the 12 months to 2017.

The plant, which has been one of Northern Ireland's largest sources of electricity, actually saw its turnover rise from £130.9m to £131.9m last year.

But its profits have been slashed by a sharp 24.4pc increase in costs - including those for gas and carbon.

Between the third quarters of 2016 and 2017, the price of gas rose 26pc.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business