ESB Group defends surging profits as energy prices soar

ESB says generation business cannot be used to offset costs incurred by Electric Ireland

Geraldine Heavey, ESB’s chief financial officer, stated that volatility and high wholesale market prices continue to be a feature of energy markets. Picture: David Creedon.

The massive profits earned by the ESB Group during the current energy crisis should be used to reduce utility bills Tánaiste Leo Varadkar has said.

He was reacting to the ESB Group reporting surging profits with revenues increasing by €1.5bn in the past year amidst soaring prices for energy and increased bills for households and businesses.