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THE ESB’S PROFITS fell dramatically last year to €706m after tax, its annual report has revealed.
It represents a 19% reduction in profit compared to 2023, when the energy company earned €868m, and was largely driven by decreases in wholesale energy prices.
Speaking to RTÉ Radio One’s Morning Ireland, the ESB’s Chief Financial Officer Paul Stapleton said the wholesale market is still incredibly volatile. He said while reductions in costs are good for consumers, the prices are not reliable.
He detailed that wholesale energy prices did increase in the second half of last year and peaked at the beginning of this year. However, those same prices have fallen by 20% in recent weeks, he claimed.
“They’re still quite volatile,” Stapleton said. “If the current downward trend is wholesale gas prices continues, that will ultimate lead to good news for consumers down the line, but it is a volatile position.”
The monetary boss of the energy firm said future consumer prices rely heavily on how wholesale costs continue to perform into the coming weeks.
Of the company’s profits, the ESB has proposed to pay out a dividend of €189m. It brings the total number of dividends paid out by the firm to €1.8bn in the last ten years.
Stapleton also claimed this morning that the ESB has invested €3 for every euro of its post-tax profit back into infrastructure projects. Regardless of the 19% drop, the CFO said the report represents a “solid performance” from the firm last year.
Investments worth up to €1.4bn were made into the energy infrastructure in Ireland and Northern Ireland by the ESB last year. Stapleton said it primarily focused on increasing grid capacity and resilience as well as connecting more renewable sources.
Asked about the total cost of repairs following Storm Éowyn last year, Stapleton said the ESB still does not have a specific estimate, describing the weather event as “hugely disruptive”.
The firm acknowledged the impact the storm had on customers in its latest report and committed to double investments into the grid over the next five years.
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Amazing leadership skills from Ekapol Chanthawong who lost his whole family as a kid. He then trained as a monk & then devoted his life to helping coach kids. He kept 12 children alive in a cave without food or light for 9 days. He will be last to leave tomorrow & is only 25 . One hopes he is treated as a hero and not a Villain as many Americans and westerners have him cast
Good to hear. He must be an excellent coach to have got through the long days of darkness and kept their spirits up. Not to mention that he led them to safety in the first place when the waters rose and forced them back there. He’s already saved their lives once, and they’ve stayed not only sane but cheerful. All credit to him in a really tough situation.
@jerry slattery: i was delighted to see your vision. i applaud you.
Great article, best of luck boys
Best of luck guys and massive respect to everyone!
I hope the other 5 people are out soon and all divers heading up this rescue are safe. This seemed almost impossible. Those little boys are amazing for staying so calm up against such a horrible situation.
As someone who’s a bit claustrophobic I’m really in awe of everyone involved in this operation, amazing stuff.
Absolute miracle! Fair play to the dive team and hopefully they all make it out okay.
An amazing description of what the lads are going through and how they are being rescued, hope the rest of the lads are brought out safely.
Great people in the world that put there life’s at risk to save people….. brilliant lads
Who’s gonna be 1st to make this into a movie!!!
@Annette: already been done: ace in the hole. Good film. Interesting angle.
I praise God Almighty for His mercy & kindness to all involved in this operation. & for providing the men & women who are involved.
Well done to all divers & crews in the cave & crews teams outside also.
To the children well done in keeping calm you have thought us how to
Deal in any situation by .calmness & smiles.
I spent every nite pray rosary of knots to find ways around all obticales you had
To solve & you did now I pray thanksgiving for all of you.
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