ESB has reported profits after tax of €377m for the six months to the end of June, a 20% increase on profits of €313m the same time last year, when the company had been impacted by costs in its networks business due to Storm Éowyn.
It noted that profits in its Customer Solutions division - which includes its retail brands like Electric Ireland - fell by €10m, while Generation Trading profits increased by €22m as both units were impacted by renewed energy price volatility due to the conflict in the Middle East.
The company said that the conflict in the Middle East, and ongoing global geopolitical instability, has created upward pressure on wholesale gas and oil prices, particularly from February onwards.
Because of this Electric Ireland increased its electricity and gas prices from July of this year - the first time it had increased prices since October 2022.
The company said today that despite the challenge of ongoing volatility, Electric Ireland residential electricity and gas unit rates and standing charges will remain unchanged until at least the end of this year.
ESB's results statement shows that the company continued its significant capital investment in critical energy infrastructure over the first six months of 2026, with almost €1.5 billion invested in capital projects, an increase of over €200m on the same time last year.
Over €900m of this relates to investment in electricity network infrastructure across the island of Ireland. Almost €500m was also invested in electricity generation, with around 70% of this investment in new renewable energy projects in onshore, offshore and solar technologies.
ESB said it is planning capital investment of about €20 billion up to 2030 to deliver an electricity system that can support housing growth, economic expansion and technological transformation across society, in line with the Government's National Development Plan.
It also said it continues to increase staffing levels to support the ongoing investment in infrastructure, with employee numbers passing the 10,000 level in the first half of this year, with the new jobs mainly in its networks, generation and engineering business units.
Paul Stapleton, ESB's Chief Financial Officer, said the company is 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 its Net Zero carbon emissions targets.
"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," the said,
"This investment is taking place against the backdrop of ongoing volatile global markets and geopolitical uncertainty, which have caused wholesale energy prices to rise in the first half of 2026, with further increases in recent weeks," he noted.
"This is impacting ESB and our customers, and it underlines the importance of reducing Ireland's dependency on imported oil and gas which is a key goal of ESB’s investment plans," he added.
