Last July, the Government’s revised National Development Plan included a multi-billion-euro promise to recapitalise the state-owned companies tasked with modernising Ireland’s electricity and water infrastructure. Now the imminent delivery of ESB’s slice of this investment has triggered the ratings agency Standard & Poor’s (S&P) to upgrade the energy company’s bonds rating from A- to A. “The recent announcement of a €1.5 billion equity injection from the Government to support network investments is, in our view, strong evidence of increased government support,” the S&P report supporting the decision stated. “We expect the announced €1.5 billion equity injection from the State to…

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