Semi-state invests €1.5bn during first six months of 2026

The ESB’s profits after tax rose more than 20pc to €377m in the first half of the year as it was buoyed by higher profits from power generation.

The semi-state company said that it has invested €1.5bn in capital projects so far this year as part of a €20bn plan to future-proof its network in coming years.

The ESB said that profits at its retail customer base, also known as customer solutions, fell €11m to €64m.

The company said its underlying first-half operating profit of €520m before exceptional items, was €96m higher year-on-year.

“These increases were driven by higher contribution from ESB Networks, which had been significantly impacted by operating costs arising from Storm Éowyn in January 2025, which amounted to around €100m across the group,” it noted.

“This partially offset lower profitability in customer solutions, impacted by renewed energy price volatility arising from the conflict in the Persian Gulf which unfortunately required Electric Ireland to raise residential gas and electricity prices with effect from July 2026,” it added.

The ESB raised its residential customers’ electricity bills by 8pc from July 1, and gas by 7.7pc.

“We are currently carrying out the biggest ever investment in Ireland’s electricity infrastructure, which will support the delivery of more homes and economic progress across the country and to ultimately achieve our Net Zero carbon emissions targets,” said ESB chief financial officer Paul Stapleton.

He added: “An investment of this nature and magnitude requires a solid financial footing, and these results underline ESB’s continued robust performance. €4 was invested in capital projects for every €1 of profit after tax earned so far this year.”

He said that the ESB remains committed to “continued growth in capital investment to ensure a secure and reliable electricity system is in place to support housing, enable economic and social progress and ultimately achieve our net zero carbon emissions targets.”

Mr Stapleton said that the continued financial strength is “crucial” to achieve that.