ESB Group Profits Dip Amid Storm Éowyn Impact and Energy Market Volatility
The ESB Group reported a decrease in profits for the year ending December 2025, citing the significant impact of Storm Éowyn and ongoing volatility in international energy markets. Profit after tax fell by €70 million to €636 million, down from €706 million in 2024, according to the group’s annual report released on Wednesday, March 25, 2026.
Storm Éowyn’s Financial Toll
Storm Éowyn, which struck in January 2025, resulted in €95 million in additional operating costs for ESB Networks and NIE Networks. These costs were associated with reconnecting customers and repairing damaged infrastructure across the island of Ireland. The Irish Times and RTÉ both reported on the financial impact of the storm.
Energy Market Concerns and the Iranian Conflict
While the impact of Storm Éowyn was substantial, ESB as well highlighted the ongoing volatility in international energy prices, particularly in the wake of the conflict in Iran which began on February 28th. Paul Stapleton, ESB’s chief financial officer, noted a significant increase in the cost of wholesale gas on international markets, but indicated that prices have not yet reached the levels seen following the Russian invasion of Ukraine in 2022.
“The current volatility and escalation of prices is not yet on that scale,” Stapleton stated. However, he cautioned that a prolonged conflict in the Middle East could put pressure on prices and ultimately lead to higher retail energy costs for consumers.
Investment and Future Growth
Despite the challenges, ESB Group has continued to invest heavily in critical energy infrastructure. A record €2.7 billion was invested in 2025, including over €1.7 billion in electricity networks in Ireland and Northern Ireland, over €600 million in renewable generation projects, and over €300 million in dispatchable generation projects. Business Plus reported on these investments.
Looking ahead, ESB plans to invest approximately €20 billion over the next five years, with up to €16 billion earmarked for electricity networks on the island of Ireland. The company recently received regulatory approval for a €13 billion investment program in the grid over the next five years.
Key Milestones in 2025
2025 also saw significant progress in ESB’s transition to net zero carbon emissions, including the installation of over two million smart meters in Ireland and the cessation of coal-fired generation at the Moneypoint power station. The company also secured rights to develop the 900MW Tonn Nua offshore wind project and has 700MW of solar projects currently in development.
Dividend and Economic Contribution
ESB is recommending a dividend of €149 million from its 2025 profits, bringing its total dividends to €1.4 billion over the past decade. The group estimates its total contribution to the Irish economy in 2025 was €3.4 billion, encompassing payroll, taxes, dividends, and purchases from domestic suppliers.
Addressing Connection Delays
Responding to concerns about delays in electricity connections for new homes, Stapleton acknowledged that capacity constraints in certain areas are causing some delays. However, he assured that ESB is “adding more capacity” and that all connections will ultimately be delivered.