ESB set for huge profit increase

The Electricity Supply Board is to net a major profit increase this year.

It is reported that it will post an after-tax profit of €240m to €250m, for the year to December 2003, up €81m to €91m on the period to December 2002.

The semi-state company was approved for a 9.8% increase in average charges last year, by the Commission for Energy Regulation (CER).

Domestic users had charges increase by 13.25%, and prices are due to rise by at least 5% for 2004.

The Exchequer is set to receive about €62.5m or about a quarter of these earnings, under the ESB dividend scheme.