ESB Group made an underlying operating profit of €424m during the first half of the year, which was in line with the same period in 2024 (€419m) as business growth was offset by the €100m cost of Storm Éowyn.

The state-owned energy group reported profit after tax of €313m for the half-year, and net assets rose from €5.3bn to €5.9bn while net debt increased slightly to €6.6bn as the group invested €1.3m in capital projects.

Over €700m of the investment was in electricity network infrastructure to improve resilience and add capacity for new housing and renewable energy generation, while €500m was invested in electricity generation, primarily onshore, offshore and solar renewable energy projects.

Paul Stapleton, chief financial officer of ESB, said the group and NIE Networks in the North are "continuing to work to further enhance the performance and the capacity of the network" following the "unprecedented extreme weather" brought by Storm Éowyn.

He described the financial results as "a continuation of [the group's] robust performance" and "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.

“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.”

Electric Ireland recently announced residential electricity and gas price cuts for consumers from November, and Stapleton said the ESB subsidiary "is very mindful of the impact of continued elevated energy prices, and remains committed to supporting customers in so far as is feasible.” 

During H1, ESB sold the Corby Gas Power Station in Britain and ended coal generation at Moneypoint in Co Clare as part of the site's transition to becoming a renewable energy hub.

The 1,080MW Inch Cape offshore wind far in Scotland secured a £3.5bn project financing package, with construction now well under way, and 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 projects.

Employee numbers during H1 averaged almost 10,000, an increase of more than 1,000 over the past two years, and the group added 225 new employees this month under the graduate and apprentice recruitment programmes.