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.