Our history, our people and our principles
Annual report 2003
Highlights for 2003
- ESB managed to bring operating costs down as a result of savings in the Programme to Achieve Competitiveness and Transformation (PACT) agreement with its unions. Already under the PACT agreement 1,100 staff have departed the company and a further 500 staff will leave in 2004 Productivity continues to rise.
- The company reported a record 77,000 new connections to ESB Networks last year and it renewed over 17,000 kilometres of its medium voltage network.
- The company has also reported a €510 million pension deficit. Mr McManus said he was confident this could be overcome in consultation with staff. Similar difficulties had been overcome through the company's internal partnership processes in the 1990s.
- The company's overall capital expenditure for the past year exceeded €1,250 million, senior management are examining new avenues for funding. ESB is currently involved in a number of ambitious projects to renew both the electricity infrastructure in Ireland as well as pursuing new markets outside of Ireland.
The following reports are in PDF format