ESB urged to use record profits to pay for Storm Éowyn damage

'One would hope that as a profitable company, the ESB would find itself able to pay for this stuff from its own reserves.'

The ESB has been urged to use its own record-breaking profits to pay for the damage caused to the electricity network by Storm Éowyn, rather than passing the pain onto consumers.

On Tuesday, the group’s chief executive Paddy Hayes told RTÉ radio’s Today with Claire Byrnethe cleanup from the storm, which left some people in Ireland without power for more than a week, would likely cost “tens of millions”, which will eventually likely “find their way back into the overall cost of our distribution system network”.

However, head of communications with utility price comparison site Bonkers.ie Daragh Cassidy said it needed to be remembered that the “ESB is a highly profitable company”.

“This isn’t the first time we’ve had a storm. Although the damage was extensive one would hope that as a profitable company, the ESB would find itself able to pay for this stuff from its own reserves,” Mr Cassidy said.

Profits at the ESB — the semi-State company incorporating ESB Networks, the entity responsible for maintaining Ireland's power grid — jumped by more than 33% to €868m in 2023.

A spokesperson for the ESB said it was “not yet possible to give a more precise estimate” of what the repair costs for Éowyn would be.

“ESB Networks will undertake a thorough analysis of our storm response resources, following which we will engage with the regulator on the costs associated with repairing storm damage,” they said.

Any prospective increase to customer bills would be delivered by the relevant utility supplier on foot of an increase in the charges levied on them by ESB Networks and EirGrid, which operates the power transmission system, though it is unlikely any increase would be delivered before the end of 2025.