There are 14 bodies under the aegis of my Department, details of which are available on the Department’s website gov.ie - State bodies under the aegis of the Department of the Environment, Climate and Communications (www.gov.ie)
Formal dividend policies are in place for all of the Commercial Semi State Bodies operating in the energy sector, which are summarised below. These have been developed via the Shareholder Expectations Framework and, in each case, seek to strike an appropriate balance between the payment of dividends and re-investment in the business. Where the dividend target is based on adjusted profits after tax, higher profits arising in any given year in the ordinary course would fall within the scope of the normal targeted dividend payments.
Additional detail may be found in the relevant Annual Report and Accounts as published by the Companies.
It should be noted that the financial years of the Bodies under the aegis of my Department span multiple calendar periods
State ownership percentage is included for the purposes of the Exchequer dividend calculation noting that Employee Share Ownership Plans (“ESOP”) are in place in respect of both ESB and Bord na Móna. This means that total dividends are shared proportionally with the ESOPs under the year-end shareholding structures. In the case of ESB, the State shareholding was 96.5% and ESOP shareholding was 3.5% as at 31 December 2021. This has increased annually from 95% in 2016. In the case of BnM, the State shareholding was 95% and the ESOP shareholding 5% as at 31 March 2021.
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Body
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Dividend Policy
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Dividend Paid Directly to Exchequer (Y/N)
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Increase in Dividend sought (Y/N)
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Waiver of Dividend (Y/N)
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Bord na Móna
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Dividends are paid out based on State shareholding. The dividend target is based on 30% of adjusted profits after tax.
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Y
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N - not over the period in question
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N
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Eirgrid
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Current dividend policy is for a fixed €4m annual dividend payment.
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Y
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N - not over the period in question
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N
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ESB
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Dividends are paid out based on State shareholding. The dividend target is based on 40% of adjusted profits after tax.
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Y
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N - not over the period in question
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N
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Bord na Móna
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|
|
|
|
|
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Figures in EURm
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Financial year ending
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Total (6y)
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Mar-22
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Mar-21
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Mar-20
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Mar-19
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Mar-18
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Mar-17
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Dividends Paid (normal)
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(14)
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(7)
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-
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-
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-
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(2)
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(4)
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|
Dividends Paid (special)
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-
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-
|
-
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-
|
-
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-
|
-
|
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Dividends Paid (total)
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(14)
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(7)
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-
|
-
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-
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(2)
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(4)
|
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State Ownership %
|
|
95%
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95%
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95%
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95%
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95%
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95%
|
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Dividends Paid (Exchequer)
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(13)
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(6)
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-
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-
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-
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(2)
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(4)
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EirGrid
|
|
|
|
|
|
|
Figures in EURm
|
|
Financial year ending
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Total (6y)
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Sep-21
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Sep-20
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Sep-19
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Sep-18
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Sep-17
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Sep-16
|
|
Dividends Paid (normal)
|
(24)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
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(4)
|
|
Dividends Paid (special)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
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Dividends Paid (total)
|
(24)
|
(4)
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(4)
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(4)
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(4)
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(4)
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(4)
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|
State Ownership %
|
|
100%
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100%
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100%
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100%
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100%
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100%
|
|
Dividends Paid (Exchequer)
|
(24)
|
(4)
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(4)
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(4)
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(4)
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(4)
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(4)
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|
ESB
|
|
|
|
|
|
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Figures in EURm
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|
Financial year ending
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Total (6y)
|
Dec-21
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Dec-20
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Dec-19
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Dec-18
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Dec-17
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Dec-16
|
|
Dividends Paid (normal)
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(411)
|
(81)
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(50)
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(43)
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(35)
|
(116)
|
(86)
|
|
Dividends Paid (special)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Dividends Paid (total)
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(411)
|
(81)
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(50)
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(43)
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(35)
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(116)
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(86)
|
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State Ownership %
|
|
96.5%
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96.1%
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95.7%
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95.4%
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95.2%
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95.0%
|
|
Dividends Paid (Exchequer)
|
(393)
|
(78)
|
(48)
|
(41)
|
(33)
|
(110)
|
(82)
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