The ESB has announced operating profits of €337m for the six month period to the end of June - up €10m on the previous year.

Pre-tax profits were more than €120m higher than the previous year at €236m due to financial hedging gains associated with the acquisition of Northern Ireland Electricity (NIE) some years ago.

Operating profits at NIE fell by €16m due in some part to negative foreign exchange movements.

ESB’s retail business in the Republic of Ireland, Electric Ireland also saw operating profits fall by €3m to €24m.

The ESB paid a dividend to the Exchequer of €224m in the first half of the year, €12m lower than the equivalent payment last year.

Commenting on the results, ESB’s Chief Executive Pat O’Doherty said, "These results reflect a solid performance in the first half of 2015, while markets continue to be challenging as wholesale electricity prices remain low.

"ESB continues to deliver value for its customers, its shareholders, and for the Irish economy, while maintaining its financial strength and credit rating."