ESB to grow renewable energy project pipeline

ESB to grow renewable energy project pipeline

The ESB has said it is working to develop a pipeline of projects that will enable it to generate "at least" 40% of its electricity from renewable or zero carbon sources by 2030.

The energy utility is looking at projects across a range of technologies including battery, storage, solar, onshore and offshore wind, waste energy, biomass and gas-fired plants and aims to deliver these over the next ten years.

The ESB spent around €250m on renewable energy generation projects last year, including starting development on two onshore wind farms here and a 12.5% stake in the Galloper offshore wind farm off the south-east coast of England. In January, it said it would co-develop two planned offshore wind farms in the Irish Sea.

Last month, it was announced that the ESB and State-owned forestry company Coillte were in talks aimed at forming a renewable energy joint-venture solely focused on onshore wind farm projects.

Both companies said they hope to reach agreement on the deal - which, essentially, would see the ESB acquiring a 50% stake of Coillte's renewable energy division - by the end of May.

In reporting latest annual results, the ESB said it remains engaged in bilateral discussions with Coillte, but if successful the joint venture would deliver 1,000 megawatts of renewable energy by 2030.

The ESB generated pre-exceptional operating profits of €455m last year and a post-tax profit of €60m. Despite taking a non-cash impairment charge of €140m, linked to generation assets, the company said its underlying financial performance was "satisfactory".

The utility declared a dividend to the State of €35m for 2018. While down from €60m in 2017, it brings to €1.4bn the total paid in the last decade.

More on this topic

Cork and Portlaoise to get first ESB smart metresCork and Portlaoise to get first ESB smart metres

Hundreds of retired ESB workers call for pension increaseHundreds of retired ESB workers call for pension increase

ESB make operating profit of €455mESB make operating profit of €455m

Retired ESB workers demonstrate against 10-year pension freezeRetired ESB workers demonstrate against 10-year pension freeze

More in this Section

Irish truckers seek immediate extension of Brexit ‘connectivity’ agreement, as Johnson visits Berlin and ParisIrish truckers seek immediate extension of Brexit ‘connectivity’ agreement, as Johnson visits Berlin and Paris

'Godot' arrives to bring to €1.3m Druid Threatre box office sales'Godot' arrives to bring to €1.3m Druid Threatre box office sales

Hammerson - owner of Dundrum, Ilac, Kildare Village and Belfast's Abbey shopping centres - names new finance chiefHammerson - owner of Dundrum, Ilac, Kildare Village and Belfast's Abbey shopping centres - names new finance chief

Ryanair shares dip as court allows for UK strikesRyanair shares dip as court allows for UK strikes


Lifestyle

Triathlete Carolyn Hayes is flat out. Since October 2018, she’s literally been racing around the world.On the treble: Triathlete Carolyn Hayes goes flat out to win a place in the Olympics

Children starting or going back to school is a reminder of how we all need an energy boost when sitting at a desk for hours, no matter what our age.Energy fix: Top 8 snacks for children

A sommelier shares her top tips.The dos and don’ts of serving wine – you just might have been doing it all wrong

It’s that time of year again; the long summer days are numbered, summer’s lease is all too short as she takes her last few breaths.Learning Points: Top tips on coping with back to school stress for you and the kids

More From The Irish Examiner