The outlook for energy prices "looks reasonably positive," according to the Chief Financial Officer of the ESB Group.
Paul Stapleton's comments come after Electric Ireland announced last week a 4% reduction in residential gas prices, while residential electricity prices were maintained at the current rates.
Other energy suppliers, including Energia and Flogas, recently announced price increases, citing increased network charges or grid fees as the main reason for the hikes.
Electric Ireland, which is owned by ESB, has lowered its gas prices on four consecutive occasions and its electricity rates three times since November 2023.
Speaking following the release of its half-year results today, the ESB's CFO said Electric Ireland was not able to give a further reduction in electricity prices at this time, but he said the utility was "able to hold prices at the current levels for now."
Mr Stapleton said the rates will be kept under review, but he said as the company looks forward "the outlook looks reasonably positive."
"Wholesale energy prices are still the main driver of retail prices, the wholesale price of gas, and as we look forward to the winter ahead, the current indications are, I suppose, reasonably benign in that regard and the forward curves are predicting a stable, or maybe marginally reducing outlook for wholesale gas," he stated.
However, the ESB CFO said that position can be impacted by geopolitical events, or an issue with infrastructure, or a very cold or very early cold winter in Europe, which he said would increase demand.
"All of that changes the dynamic or could change the dynamic for wholesale gas prices. So, I suppose we have to keep it under review, but I think what Electric Ireland's position is, it's holding its prices for now based on the cost structures it sees in the market and looking ahead and the current trend," he stated.
"We're reasonably positive on the pricing outlook based on what we're seeing in the market at the moment," he added.
Paul Stapleton said while the market is now "relatively stable" compared to 2022 or 2023, he said it has "stabilised at a higher level than prior to the energy crisis."
"Wholesale gas prices are still more than twice they were prior to the energy crisis," he stated.
He said that it could become volatile again, if external factors come into play.
"But at the moment, the outlook is positive, but it's always subject to what can happen geopolitically or in terms of infrastructure across Europe and so on," he added.
On the calls for further once-off cost-of-living measures in the Budget, such as energy credits, the ESB CFO said: "Certainly we acknowledge that elevated prices are a challenge for customers, and a lot of customers have difficulty with current energy prices, and we would certainly encourage our customers to engage with us actively on that."
Mr Stapleton said while the ESB "certainly welcomed the supports that were given when prices were extremely high in recent years," he said whether there is a direct intervention or not or subvention in Budget 2026 "is a matter for government."
"There have been significant reductions. For electricity and gas customers, the combined reduction that Electric Ireland has given in recent years will be over €750, so that's a substantial reduction in the bill," he said.
In terms of what happens on Budget Day next month, he said it is up to the Government to decide on what is appropriate, "whether they go for more targeted measures or whether they give a general support."
"I think their current indications are they're favouring more targeted measures, and in the context of where prices have got to, maybe that makes sense," he added.
Earlier, the ESB Group reported operating profits of €424m for the six months to the end of June, a €5m increase on the same time last year, despite the impact of Storm Éowyn in January.
The energy company said its half year profits after tax rose to €313m from €171m.
The company said that Storm Éowyn resulted in additional operating costs of about €100m, adding that "every available resource" was deployed by ESB Networks and NIE Networks to restore power to customers and repair the damage as quickly as possible after the strong storm.
It noted that €4 was invested in capital investment projects for every euro of profit after tax earned by ESB so far this year.
During the first six months of 2025, ESB said it invested over €1.3 billion in energy infrastructure and network resilience projects, an increase of €400m on the same time in 2024.
It said that over €700m of this relates to investment in electricity network infrastructure to enhance resilience and add capacity for new housing, connect renewable generation and support the economy.
Over €500m was also invested in electricity generation, mainly investment in onshore, offshore and solar renewable energy projects.
Last week Electric Ireland said it would decrease gas prices for 140,000 customers by 4% from the beginning of November, while there will be no increase for the company's 1.1 million electricity customers ahead of the winter.
Paul Stapleton, ESB's Chief Financial Officer, said that Electric Ireland is very mindful of the impact of continued elevated energy prices and remains committed to supporting customers in so far as is feasible.
He also said that ESB's financial results for the first half of 2025 show a continuation of its robust performance.
"The fact that these results are substantially in line with what we reported over the same period last year is reflective of more stable global energy markets following an unprecedented period of upward volatility in energy prices. However, while wholesale energy prices have stabilised, they remain volatile and are at levels significantly higher than experienced pre-energy crisis," he said.
"ESB remains committed to further growth in the level of capital investment to ensure a reliable and sustainable electricity system as we transition to net zero carbon emissions. Maintaining the financial strength of ESB is critical to fund this investment," he added.
ESB said the six month period saw notable milestones for the group in the transition towards net zero carbon emissions, including the sale of Corby Gas Power Station in GB and the end of coal generation at Moneypoint power station.
It also saw the 1,080MW Inch Cape offshore wind farm in Scotland secure a £3.5 billion project financing package, with construction now well under way.
The 448MW Neart na Gaoithe offshore wind farm off Scotland’s east coast became fully operational during the period. ESB is a 50% joint venture partner in both of these projects, through which significant capability and scale in the offshore sector is being developed, which will be very valuable in the Irish market in due course.
ESB also said its employee numbers averaged almost 10,000 in the first six months of 2025, an increase of over 1,000 in the past two years.
Over 225 new employees started at the company this month under the graduate and apprentice recruitment programmes, which continues to develop capability for the future.
