State energy company will pay €327m dividend to Exchequer
A view of the ESB 220kV Electric power station in Finglas, Dublin. High wholesale prices boosted the State-owned group's profits last year. Photograph: PA Wire/PA ImagesProfits after tax at State energy group ESB more than doubled, as high wholesale electricity prices boosted earnings.
Profits after tax and excluding exceptional items more than doubled to €649.3 million last year, compared to €265.9 million in 2021, ESB said on Wednesday. Revenue increased to €7.6 billion from €5.2 billion. The company reported that high wholesale profits here and in Britain boosted operating profit from its generating and trading arm by €590 million to €774 million last year.
ESB said it planned to pay the State a €327 million dividend, more than twice the €126 million it handed over last year, bringing total payments to the Exchequer over the last decade to almost €1.5 billion.
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