Rising costs see profits plunge at ESB‘s Derry plant

AN ESB-owned company, which itself owns a gas-fired electricity-generating plant in Derry, has reported an 82pc drop in its profits.

New accounts from Coolkeeragh ESB Ltd reveal that pre-tax profits went from £24.2m in 2016 to £4.4m in the 12 months to 2017.

The plant, which has been one of Northern Ireland‘s largest sources of electricity, actually saw its turnover rise from £130.9m to £131.9m last year.

But its profits have been slashed by a sharp 24.4pc increase in costs – including those for gas and carbon.

Between the third quarters of 2016 and 2017, the price of gas rose 26pc.

Irish Independent