ESB results: Total capital investment of €499m in long-term electricity infrastructure
02 October 2018
ESB Group has published its interim financial statements for the six months to June 2018 (H1 2018), reporting an operating profit of €244 million and profit after interest and tax of €141 million.
The six months to the end of June 2018 saw the delivery of a satisfactory financial performance in challenging market conditions with operating profit of €244 million and capital investment of €499 million in long-term electricity infrastructure.
Profit after interest and taxation for H1 2018 at €141 million was €32 million lower than the same period in 2017, primarily due to lower operating profit from ESB’s electricity generation business due to lower electricity generation margins and lower operating profit in Electric Ireland due to higher wholesale energy costs.
Commits to leading transition to reliable, affordable low-carbon energy
ESB’s Brighter Future strategy through to 2030 commits to leading the transition to reliable, affordable low-carbon energy for the benefit of our customers and the economy.
This is demonstrated by our capital investment in strengthening electricity networks, investing in sustainable low-carbon generation like wind and solar and empowering our customers to control how and when they use electricity through smart energy services for homes and businesses, the company said.
Pat Fenlon, ESB’s group finance director, said: “In the first six months of 2018, ESB delivered a satisfactory performance in challenging market conditions with profit after interest and tax of €141 million and €499 million of energy infrastructure investments.
“ESB continued to focus on delivering long term value and investing in critical long term electricity infrastructure for the benefit of our customers, shareholders and the wider Irish economy.”http://www.engineersjournal.ie/2018/10/02/esb-results-total-capital-investment-e499m-long-term-electricity-infrastructure/http://www.engineersjournal.ie/wp-content/uploads/2018/10/a-aaesb.jpghttp://www.engineersjournal.ie/wp-content/uploads/2018/10/a-aaesb-300x300.jpgNewselectricity,ESB,infrastructure