Otis Singleton
Electric Ireland is the retail division of the Electricity Supply Board (ESB), a state-owned electricity company based in Ireland. ESB was established in 1927 as a statutory corporation in the Republic of Ireland, with the majority of its shares held by the Irish Government. In 2012, ESB Customer Supply and ESB Independent Energy were rebranded as Electric Ireland, with the aim of removing confusion between ESB's role as an operator of the electricity network and a supplier in the market. Electric Ireland is recognised as Ireland's leading energy provider, supplying electricity, gas, and energy services to households and businesses across the island of Ireland, as well as sponsoring community initiatives.
| Characteristics | Values |
|---|---|
| Name | Electric Ireland |
| Previous Names | ESB Customer Supply, ESB Independent Energy |
| Parent Company | ESB (Electricity Supply Board) |
| Year of Rebranding | 2012 |
| Type of Company | Regulated supply company |
| Market | Domestic |
| Services | Electricity, gas, and energy services |
| Customers | 1.2 million households and 95,000 businesses |
| Area of Operation | Republic of Ireland and Northern Ireland |
| Ownership | State-owned (95%), employee-owned (5%) |
| Established | 1927 |
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What You'll Learn
Electric Ireland is the retail division of ESB
ESB has a long history in Ireland, dating back to the Rural Electrification Scheme in the mid-20th century, which brought electricity to rural areas and facilitated significant socio-economic change. The company has since expanded its operations worldwide and is composed of several distinct, legally demarcated companies.
In 2012, ESB Customer Supply, the retail division of ESB, was rebranded as Electric Ireland. This change aimed to remove confusion between ESB's role as an operator of the electricity network and a supplier in the market. Electric Ireland is now recognised as Ireland's leading energy provider, supplying electricity, gas, and energy services to over 1.2 million households and 95,000 businesses in the Republic of Ireland and Northern Ireland.
As a regulated supply company, Electric Ireland must sell its electricity at a premium of 10% above the market price to encourage new entrants to the market. This has made it challenging for the company to compete with new suppliers. Electric Ireland is committed to providing innovative, affordable, and sustainable energy solutions to its customers.
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ESB was rebranded to Electric Ireland in 2012
Electric Ireland is the retail division of ESB (Electricity Supply Board), a state-owned electricity company based in Ireland. ESB was established in 1927 as a statutory corporation in the Republic of Ireland, and the majority of its shares are held by the Irish Government.
ESB previously operated as a monopoly but now functions as a commercial semi-state entity in a "liberalised" and competitive market. To encourage new entrants to the market, the company is required to sell its electricity at a premium of 10% above the market price.
In 2012, ESB Customer Supply, also known as ESB Independent Energy, was rebranded as Electric Ireland. This name change was a result of the company's transition from being a regulated supply company to having the autonomy to set its own prices. The rebranding initiative aimed to "remove confusion" between ESB's role as an operator of the electricity network and a supplier in the market.
The Minister for Energy, Eamon Ryan, supported the rebranding announcement, assuring that the costs associated with the transition would not impact electricity prices. He stated, "This is all in the name of bringing prices down. Rebranding is a necessary condition of deregulating the domestic supply market."
As of 2021, Electric Ireland is one of fourteen companies operating in the domestic market, supplying electricity, gas, and energy services to over 1.2 million households and 95,000 businesses in the Republic of Ireland and Northern Ireland.
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$9.99
ESB is a state-owned electricity company
Electric Ireland is the retail division of the Electricity Supply Board (ESB), a state-owned electricity company based in Ireland. The ESB was established in 1927 as a statutory corporation in the Republic of Ireland, and the majority of its shares are held by the Irish Government. It is composed of several distinct, legally demarcated companies, each with its own business area.
ESB Networks Limited, for example, manages the construction and maintenance of the electricity transmission system, while ESB Generation and Wholesale Markets (ESB GWM) operate a portfolio of power stations and holdings in renewable energy sources such as wind. The ESB has a history of being a monopoly, but now operates as a commercial semi-state entity in a liberalised, competitive market.
Electric Ireland, the ESB's retail division, is recognised as Ireland's leading energy provider. It supplies electricity, gas, and energy services to over 1.2 million households and businesses in the Republic of Ireland and Northern Ireland. The company has also expanded its operations to Great Britain, where it operates as So Energy, aiming to be the most innovative and responsible energy supplier in the market.
The ESB Group has made significant investments in renewable energy technology, pledging to halve its carbon emissions within 12 years and achieve carbon net-zero by 2035. This commitment to sustainability is reflected in Electric Ireland's initiatives, such as encouraging customers to install solar PV panels and offering grants for home EV chargers to reduce carbon footprints.
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ESB's Rural Electrification Scheme
Electric Ireland is the retail division of ESB (Electricity Supply Board), which was established in 1927 as a statutory corporation in the Republic of Ireland. The majority of ESB's shares are held by the Irish Government.
In the 1930s, most towns in Ireland were connected to the national grid. However, the outbreak of World War II caused shortages of fuel and materials, bringing electrification to a halt. ESB's Rural Electrification Scheme, initiated in the early 1950s, aimed to address this by bringing electric power to the countryside. This process was completed on the mainland in 1973, but it wasn't until 2003 that the last of the inhabited offshore islands were fully connected.
The scheme continues today, focusing on upgrading the network's quality and providing three-phase supplies to larger farms and rural businesses that require them. Rural electrification is essential to bringing electrical power to remote areas, which often face challenges due to insufficient infrastructure and capital. As of 2019, 770 million people worldwide lacked access to electricity.
The impact of ESB's Rural Electrification Scheme extends beyond providing access to electricity. It has facilitated greater efficiency and productivity in rural communities. Businesses can operate for longer hours, and farmers can benefit from modern techniques in irrigation, crop processing, and food preservation. Additionally, the expansion of electrical grids creates job opportunities, contributing to economic development and poverty alleviation.
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ESB's investment in renewable energy technology
Electric Ireland is the retail division of ESB (Electricity Supply Board), which was established in 1927 as a statutory corporation in the Republic of Ireland. The Irish Government holds the majority of shares in ESB, which is one of the largest companies in Ireland, employing around 7,000 people.
ESB has made significant investments in renewable energy technology as part of its commitment to supporting the clean energy transition in Ireland. Here are some key examples of ESB's investment in this area:
Wind Power
ESB has holdings in wind power and other renewables. In 2023, phase two of Ireland's largest wind farm at Oweninny in Co Mayo came into full commercial operation, delivering a total of 192MW of renewable capacity, enough to power 150,000 homes, farms, and businesses. ESB has also entered into an agreement with Ørsted, a world leader in wind energy, to develop an Irish offshore wind portfolio, which will further capitalise on Ireland's renewable resources and reduce dependence on fossil fuels.
Solar Power
In addition to wind power, ESB is also investing in solar energy. The company is progressing with the first of five solar farm projects in partnership with Bord na Móna.
Networks for Net Zero
ESB Networks, which manages ESB's transmission and network activities, has launched its 'Networks for Net Zero' strategy. As part of this strategy, ESB Networks plans to invest an estimated €10 billion by 2030 to develop a smarter and more flexible electricity network, futureproofing Ireland's electricity infrastructure and supporting the country's goal of achieving net zero by 2050.
Decarbonisation
ESB has ambitious decarbonisation goals and has invested over €1 billion in critical infrastructure to help decarbonise electricity, improve the resilience of the electricity network, and promote the use of clean electricity for heat and transport. The company's Generation and Trading business invested more than €500 million in 2023 to support energy security and decarbonisation in Ireland and Great Britain.
ESB's investments in renewable energy technology demonstrate its commitment to a sustainable future and its role in driving Ireland towards its net-zero targets.
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Frequently asked questions
Electric Ireland is the retail division of ESB (Electricity Supply Board). ESB was established in 1927 and is a state-owned electricity company based in Ireland with operations worldwide. Electric Ireland was rebranded from ESB Customer Supply in 2012.
Electric Ireland is a regulated supply company and is one of the companies operating in the domestic market. It is a part of ESB, which is composed of several distinct, separate, and legally demarcated companies.
ESB rebranded as Electric Ireland to remove confusion between its role as the operator of the electricity network and a supplier in the market. The rebranding also allowed the company to set its own prices.
