ESB profits down €132m

ESB full-year results published yesterday show operating profit fell by €132m in the year amid tough conditions caused partly by lower prices.

Operating profit for 2014 fell to €552m from €684m the previous year with profit after tax falling by almost €300m. The reduction in profits was largely by lower electricity wholesale prices due mainly to lower gas prices which accounted for €113m of the dropoff.

Despite the company’s reduced profitability chief executive Pat Doherty said it continues to deliver value for its range of stakeholders despite the tough trading environment.