ESB CEO receives 29% pay rise to €410,000 after ministerial approval

Paddy Hayes, the chief executive of Irish utility ESB, will now earn €410,000 annually after receiving a significant pay increase of nearly €92,000. The 29% raise, approved by government ministers, brings his salary to the new figure from €318,083.

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the sanction for an increase in annual salary to €410,000 reflects the scale, scope and complexity of ESB's operations

ESB confirmed the government sanctioned the salary adjustment, stating it reflects the "scale, scope and complexity of ESB's operations." In 2025, Hayes managed the company's generation of a €749.7 million pre-tax profit on €6.73 billion in revenues, while employee numbers grew to 9,968.

Minister for Public Expenditure and Reform Jack Chambers sanctioned the increase on July 6, following a recommendation from Minister for Climate, Energy and the Environment Darragh O'Brien. A spokeswoman for the Climate Ministry stated the decision covers a three-year period, subject to annual performance reviews.

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The decision confirms an approach covering a three-year period, which will be subject to annual performance review against key performance indicators

ESB Chairperson Terence O’Rourke welcomed the approval, highlighting ESB's strategic delivery in supporting Ireland's development, infrastructure, customer empowerment, and renewable energy expansion. The new salary took effect on July 6, marking the first increase for the CEO since 2011. This follows a review of executive pay for commercial state body CEOs by an independent committee.

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ESB continues to deliver on its ambitious strategy, supporting Ireland's social and economic development, delivering infrastructure, empowering customers, and developing and connecting renewable generation.