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ESB reports 10.2% rise in operating profits for 2021 as dividend to State hits €126m

ESB's profits rose on the back of more demand for electricity, and changes to its network tariffs
ESB's profits rose on the back of more demand for electricity, and changes to its network tariffs

ESB Group made a €679m operating profit before exceptional items last year, an increase of 10.2% on the 2020 figure.

That has led it to recommend a €126m dividend to the State, up from €81m a year ago.

That brings to €1.2 billion the amount the energy group has paid in dividends to the Irish Exchequer in the past decade.

ESB Group said its increased profits last year were due to a higher margin at its British generation business, increased demand for electricity and the timing of tariff changes at its network division.

It said it invested €1.2 billion in critical electricity infrastructure during the year, including renewable energy generation.

That is part of its recently-announced aim of becoming carbon neutral by 2040.

"In the context of the significant volatility in the energy markets, ESB delivered a positive set of financial results in 2021," said ESB's chief financial officer Pat Fenlon. "Delivering long term value for the benefit of our customers, shareholders and the wider economy continues to be a key focus for ESB."

During the year ESB Group also took a net exceptional charge of €63m.

That was due to a non-cash impairment relating to a Scottish wind farm project, and the cost of ESB’s acquisition of a majority stake in British energy supplier So Energy.

It was offset somewhat by the money made from the sale of a British waste wood energy plant, and part of its head office complex on Dublin’s Fitzwilliam Street, which was recently redeveloped.

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