ESB announces after-tax profits of €313m but effects of Storm Éowyn take toll

ESB Group has announced profits of €313m after tax in the first half of 2025, with the cost of dealing with Storm Éowyn eating into returns.

ESB Group has announced profits of €313m after tax in the first half of 2025, with the cost of dealing with Storm Éowyn eating into returns.

On Tuesday, the energy firm reported operating profit of €424m for the six months ended 30 June 2025, which was €5m higher than the equivalent period in 2024. 

“At the beginning of the year, we had an unprecedented extreme weather event in Storm Éowyn which significantly impacted electricity supply and was very challenging for our customers," said chief financial officer Paul Stapleton.

During the first six months of 2025, ESB invested over €1.3bn in energy infrastructure and network resilience projects, an increase of €400m on the same period in 2024. Over €700m of this relates to investment in electricity network infrastructure to enhance resilience and add capacity for new housing and renewable generation. In addition, over €500m was invested in electricity generation, primarily comprised of investment in onshore, offshore, and solar renewable energy projects.

“ESB’s financial results for the first half of 2025 show a continuation of our robust performance. The fact that these results are substantially in line with what we reported over the same period last year is reflective of more stable global energy markets following an unprecedented period of upward volatility in energy prices," said Mr Stapleton. "However, while wholesale energy prices have stabilised, they remain volatile and are at levels significantly higher than experienced pre-energy crisis.

“ESB remains committed to further growth in the level of capital investment to ensure a reliable and sustainable electricity system as we transition to net zero carbon emissions. Maintaining the financial strength of ESB is critical to fund this investment.” 

ESB's net debt stood at €6.6bn. 

Employee numbers averaging almost 10,000 in the first six months of 2025, an increase of over 1,000 in the past two years. This month, more than 225 new employees joined to the organisation under the graduate and apprentice recruitment programmes.

The company said €4 was invested in capital investment projects for every €1 of profit after tax earned so far this year.

The first half of 2025 saw ESB Group selling the Corby Gas Power Station in GB and the end of coal generation at Moneypoint power station. The latter move is part of the longer-term transformation of the Co Clare site into a renewable energy hub.

The first half of 2025 also saw the 1,080MW Inch Cape offshore wind farm in Scotland secure a £3.5bn project financing package, with construction now under way. The 448MW Neart na Gaoithe offshore wind farm off Scotland’s east coast became fully operational during the period. ESB is a 50% joint venture partner in both of these projects.