ESB Group reports an operating profit of €357m in first half of the year

This marked a decline of €6m from the first half of 2021.

The semi-State attributed the decline to regulated network tariff changes, losses incurred in its customer solutions business and foreign exchange movements.

Geraldine Heavey, ESB’s chief financial officer, said: “Volatility and high wholesale market prices continue to be a feature of energy markets in 2022.”

ESB added that this reduction in profits was offset at a group level to a large extent by higher energy margins in its generation business.

It said that its generation and supply businesses are required to operate separately so increased profits from its generation business cannot be used to offset costs incurred by Electric Ireland.

The company, which has around 8,000 employees, invested €532m in energy infrastructure in the first half of 2022.

“This provides the basis for continued strong investment in energy infrastructure to decarbonise electricity, improve resilience and empower customers in line with our 2040 Net Zero Strategy,” Ms Heavey added.