The ESB Group this morning announced results for 2022 which showed an operating profit of €847m in the year. The €168m increase over the previous year was driven by higher wholesale prices in its Generating and Trading business.
The group said it did not make any profit in its residential supply business in Ireland last year. It also made a loss on its retail customers in Britain due to the regulatory price cap there.
Commenting on the results, ESB chief financial officer Paul Stapleton said: "2022 has been an extraordinary year in global energy markets with volatile and high wholesale prices leading to exceptionally high profits from ESB’s generation businesses in Ireland and Great Britain."
Stapleton added that the ESB is not allowed to subsidise its residential supply business from its generating business due to how the company is regulated.
This year's dividend of €327m to the Irish Government brings the total dividend over the past decade to almost €1.5bn.
The group connected a record 700MW of renewable generation in the year. The carbon intensity of its electricity dropped slightly from 440g/kw to 419g/kw. This number, however, remains well above the group's 2019 forecast for its production's carbon intensity.