ESB Group has reported improved results for the six months to the end of June after its operating profit the same time last year was negatively impacted by Covid-19.
ESB said its half year operating profits before exceptional items came to €363m, up from €249m on the same time last year.
It said the improvement came on the back of the recovery of electricity demand and capital work programmes with the easing of Covid-19 restrictions, timing of network tariff changes and positive foreign exchange movements.
The company reported a profit after exceptional items, interest and tax of €128m for the six month period compared to a loss of €66m the same time last year.
It also posted a net exceptional charge of €24m for the six month period, which was made up of a non-cash impairment charge on the Neart na Gaoithe Scottish offshore wind farm project. But this was offset by a gain on the sale of a 47% stake in Tilbury Green Power, a waste wood energy plant in Great Britain.
During the six month period, ESB said it invested €435m in energy infrastructure investments, including renewable generation.
Pat Fenlon, ESB's Chief Financial Officer, said that in the context of the easing of Covid-19 restrictions in 2021, ESB delivered an improved set of financial results as electricity demand increased compared to the first six months of 2020.
"Through our Brighter Future 2030 Strategy, which is consistent with the Irish Government's Climate Action Plan, ESB continues to invest in energy infrastructure to help deliver a low carbon energy future," Mr Fenlon said.
"Delivering long term value for the benefit of our customers, shareholders and the wider economy continues to be a key focus for ESB," he added.
