ESB gives its CEO 29% pay rise, increasing salary to €410,000

The minister for public expenditure and reform, Jack Chambers sanctioned the pay increase for Paddy Hayes on July 6

In 2025, Paddy Hayes oversaw the ESB generate a pre-tax profit of €749.7m on revenues of €6.73bn as employee numbers increased to 9,968.

The ESB has given its chief executive, Paddy Hayes, a pay increase of just under €92,000 after receiving ministerial approval to do so.

In a statement, the ESB has confirmed that it has received Government sanction to increase the annual salary of its chief executive, Paddy Hayes to €410,000.

The new approved salary of €410,000 represents an increase of €91,917, or 29%, on Mr Hayes’s 2025 salary of €318,083.

A spokesman for the ESB stated that “the sanction for an increase in annual salary to €410,000 reflects the scale, scope and complexity of ESB's operations”.

In 2025, Mr Hayes oversaw the ESB generate a pre-tax profit of €749.7m on revenues of €6.73bn as employee numbers increased to 9,968.

The minister for public expenditure and reform, Jack Chambers sanctioned the pay increase for Mr Hayes on July 6.

Minister Chambers approved the salary rise following a recommendation by the minister for climate, energy and the environment, Darragh O’Brien.

Pay rises have been signed off for CEOs at commercial State bodies including Bórd na Móna, Uisce Éireann, Iarnród Eireann, Bus Éireann, Bus Átha Cliath, CIÉ, Dublin Port Company, Shannon Airport Group, Gas Networks Ireland (GNI), Irish National Stud, Port of Cork, VHI, the Land Development Agency (LDA), Port of Waterford, An Post, AirNav Ireland, Irish Aviation Authority and daa.

A spokeswoman for the Department of Climate, Energy and the Environment stated that the ministerial decision in respect of a remuneration increase for ESB’s CEOwas conveyed to the chairperson of the board of ESB on July 20, 2026.

She said: “The decision confirms an approach covering a three-year period, which will be subject to annual performance review against key performance indicators.” 

Chairperson of ESB, Terence O’Rourke welcomed the ministers’ approval and said: “ESB continues to deliver on its ambitious strategy, supporting Ireland’s social and economic development, delivering infrastructure, empowering customers, and developing and connecting renewable generation.” 

A spokesman for the ESB confirmed that Mr Hayes’s new salary came into effect on July 6.

The spokesman said the increase in pay is the first since 2011 for the ESB's CEO and follows a review of executive pay arrangements for CEOs of commercial State bodies by an independent Senior Posts Remuneration Committee.

Mr Hayes’s overall pay package for 2025 totalled €372,822 made up of salary of €318,083, pension contributions of €49,197 and benefit in kind (car) of €5,560.

With Mr Hayes’s €410,000 salary coming into effect from July 6, the ESB spokesman said Mr Hayes salary for 2026 is calculated at €363,000. The spokesman said the employer’s contribution to the chief executive’s pension for 2026 is €56,500.

This will result in a salary and pension package of €419,500 for 2026 and this does not include Mr Hayes’s use of a company car on which the benefit in kind is payable.

To date, the Government has sanctioned pay increases for 19 CEOs of commercial State bodies and four proposals are currently under consideration for the CEOs of RTÉ, TG4, Coillte and Drogheda Port.