ESB profits fall to €552m
Profits fell at ESB last year to €552m.
Annual results at the semi-state company released this morning show that figure is €132m less than 2013 profits. That represents a of about 20%.
The company blamed the fall on lower electricity wholesale prices, significant repair costs due to storm damage in the first half of 2014 and the cost of maintenance and repair work in its Moneypoint coal plant.
ESB says the impact of these factors was partly offset by cost savings and other improvements to the tune of €20m.
In a statement, ESB’s chief executive Pat O’Doherty said the results reflected a solid performance "in the face of some challenges in 2014".
"In the face of some challenges in 2014, these results reflect a solid performance across the Group.
"ESB continues to deliver value for its customers, its shareholders, and for the Irish economy, while maintaining its financial strength and credit rating.
"The performance improvement programme embarked on by ESB in 2010 has delivered significant recurring savings across the business and has helped to offset the impact of lower margins in the generation business."
