ESB Group swings from profit to loss due to Covid-19 impact

The ESB Group delivered an operating profit before exceptional items of €249 million.

Covid-19 restrictions resulted in a 15% drop in operating profits for the ESB Group with the company recording a €66 million loss after interest and tax.

Publishing its Interim Financial Statements for the six months to the end of June, the company said it delivered resilient financial results including an operating profit before exceptional items of €249 million. 

Pat Fenlon, ESB’s Chief Financial Officer (CFO), said electricity demand in Ireland fell by about 15 per cent at the height of the lockdown restrictions. 

"We have seen demand recover and since July is in line with 2019 comparative levels. ESB remains well-positioned to meet the challenges that lie ahead and to deliver on our strategic ambition to lead the transition to reliable, affordable low-carbon energy for the benefit of our customers," he said.

ESB, operating on the island of Ireland and Great Britain said it invested €395m in critical electricity infrastructure including renewable generation in the first half of 2020. The company delivers energy to 3.1 million customers.