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The newspaper for

Aug/Sept 2011 www.esb.ie/em

POOLBEG CCGT SUCCESSFULLY COMPLETES PHASE 1 OF MAJOR OVERHAUL

Page 25

SUMMER IN RENVYLE, CONNEMARA
PHOTO BY JOHN WALLACE, ESB TELECOMS

ESB pays dividend of €77 million

ESB’s Annual Report for 2010 shows the company earned operating profits of €339 million, generated cash from operations of €858 million, and made capital investments of €819 million

ESB CONTINUES TO deliver significant dividends to its Shareholders, recommending a dividend of €77 million for 2010. This brings the total dividends and subsidies paid by ESB over the past nine years to over €1.2 billion.

Last year, ESB contributed €2.2 billion to the Irish economy through purchases from Irish suppliers, taxes, rates, wages and dividends.

Describing the financial performance of ESB as very strong in spite of the extremely challenging business environment, the company Chairman, Lochlann Quinn, said annual revenues were €2.7 billion and the level of investment in electricity infrastructure remained high.

“This growth and investment has allowed ESB to continue to make a very significant contribution to the Irish economy in difficult times while maintaining its financial strength and growing its asset base,” he added.

The year was marked by the completion of a number of key developments:

• ESB’s acquisition of Northern Ireland Electricity (NIE)
• A landmark agreement resolving a €2 billion actuarial pension deficit
• Continuing investment in sustainable initiatives
• The positive announcement by CER that ESB would be allowed to offer unregulated competitive prices in the residential electricity market from April, 2011.

Commenting on the purchase of NIE, the Chairman said the company “regards the acquisition as an extension of our core businesses and represents a strategic alignment of the Transmission and Distribution systems across the island of Ireland”.

“It will bring enormous potential for growth and synergies including the delivery of an all-island Smart Grid,” he added.

Meanwhile, ESB Chief Executive, Padraig McManus said the agreement reached with unions and staff in effectively eliminating the pension deficit is “an extremely significant and positive development given the challenges facing all defined benefit schemes in the current economic environment”.

Continued on page 3

Vietnamese Delegation visits ESB

ENERGY INTERNATIONAL
Page 22

THE FUTURE LOOKS TWEET
Page 14

Safe Driving

HEALTH & HABITAT
Page 34

In this issue