A newly discovered pay deal will see ESB chief executive Paddy Hayes's salary rise to €480,000 by 2028 if performance targets are met, far exceeding the increase to €410,000 announced by the company last month. The revelation comes just as the ESB reported profits of €377 million for the first half of 2026, up 20% on the previous year, at a time when Irish electricity prices are the highest in the EU and more than 320,000 households are in arrears on their bills. Aontú leader Peadar Tóibín branded the arrangement "outrageous" and "sickening", arguing it is morally wrong to guarantee such a rise for the chief executive during an energy crisis.

Government documents show Hayes's basic salary will rise to €445,000 next year and €480,000 in 2028, an overall increase of almost 51% on his pre-July 2026 pay of €318,083. The ESB's board had actually sought an even more generous package, starting at €460,000, along with private health insurance and life insurance, but these extras were rejected by the Department of Public Expenditure, which instead set a lower starting salary with scope for performance-linked rises. The deal, sanctioned by Minister Jack Chambers and to be assessed by Minister Darragh O'Brien, is one of more than twenty bumper pay packages awarded to semi-state chief executives since pay constraints were eased, and comes as the Government simultaneously faces a standoff with public sector unions, including nurses planning to strike next month.