Wednesday, October 23 16:39:06
The ESB is to sell its Lough Ree and West Offaly peat power plants.
The semi-state is in the process of selling a number of assets, which it has determined to be "non-strategic", at the request of government.
It's already proceeding with the sale of the Marchwood plant in the UK and Bizkaia Energy in Spain.
Those two disposals will not meet the E400m target set by the government in October 2012 as a special dividend from the ESB asset sales. As a result ESB has determined it will now sell the two peat plants.
The company also announced a fall in half-year profit-after-tax to E188m. Turnover for the six months to the end of June was 4pc higher at E1.7 billion. Higher revenue combined with a 12pc reduction in payroll costs saw ESB's operating profit rise by E50m over the period.
ESB chief executive Pat O'Doherty said the E45m drop in after-tax profit was due to "higher interest rates and tax changes".