The significant rise in profits comes as calls for a windfall tax on energy companies continue to grow.

Defending its revenues and recent price hikes for the company's Electric Ireland customers, the firm said: "ESB’s generation and supply businesses are required to operate separately, so increased profits from ESB’s generation business cannot be used to offset costs incurred by Electric Ireland."

Profit after taxed and exceptional items had also soared to €390m, three times higher than the €128m recorded during the same period last year.

The price of energy has soared in recent months, due to Russia's invasion of Ukraine. The effects are being felt in Ireland, with Electric Ireland hiking its prices three times since the beginning of the year.

Dermott Jewell of the Consumers’ Association of Ireland said news of soaring revenues from ESB will lead to “an escalation of demand for a price cap and there will certainly be an escalation of a demand for a windfall tax”. He said the structure that exists whereby there's a wall between the ESB and Electric Ireland needs to be reviewed as it currently prevents the sharing of profits to allow the reduction of prices for the consumer.

While the EU is currently working on revenue caps and a windfall tax, Mr Jewell said action was needed immediately. "We can't simply look at these figures and watch and wait on Europe to try to find a solution. We need to look internally to find a national solution on an interim basis."

"We’re in an exceptional situation, which is crippling the country," he said.

Daragh Cassidy of utility switching website bonkers.ie said the increase in profit will be difficult for many households to swallow given the huge increase in energy prices that we’ve seen over the past year or so.

"However we need to remember that the State owns the ESB. Some of this profit will be paid back to the State in the form of a dividend. Indeed a record €126m dividend was paid out by the ESB earlier in the year."

"Having said that, the ESB and Electric Ireland need to monitor their pricing carefully to ensure they’re not, either intentionally or unintentionally, benefitting from the energy crisis."

Many businesses have been struggling to cope after receiving soaring energy bills. Neil McDonnell, chief executive of business group Isme, warned that: “an awful lot of employers and therefore employees are going to be gone” as firms face losses due to the rise in energy costs. “We just need Government to mitigate this as best they can,” he added.

Earlier this week, the European Commission unveiled what it said were "extraordinary" proposals to cut electricity consumption by 10% this winter and to raise €142bn by imposing a cap on revenues on energy producers.

The commission proposes member states cut electricity consumption by 10% through next March, with a focus on curtailing demand during peak hours when demand for gas is at its highest level to generate electricity.

Irish business experts welcomed the Commission's proposal plan to raise €142bn for member states to help fund subsidies.

Defending the profits, the ESB stated it had invested more than €10bn in energy infrastructure and paid over €1.2bn in dividends.

Geraldine Heavey, ESB’s chief financial officer, stated that volatility and high wholesale market prices continue to be a feature of energy markets.

She added that ESB's profits provide "the basis for continued strong investment in energy infrastructure to decarbonise electricity".

The Group stated that it had invested €532m in energy infrastructure during the first six months of this year.

Electricity rates

Responding to the ESB profit announcement, Tánaiste Leo Varadkar said electricity rates are linked to the price of gas which is "something we need to change".

"That made sense in the past, it doesn't make sense anymore, that's going to change at European level and will help to bring down electricity bills."

He said it is "right and proper" that the Government take back some of the "big profits" that energy companies are currently making.

"When it comes to the ESB we can do that in one of two ways, by a windfall tax or taking a bigger dividend from the company. We would use that money then to bring down costs for families and businesses."

Turning to the Budget, Mr Varadkar said energy supports for businesses should be focused on small to medium-sized enterprises but added that multinational companies also have very large energy bills, and all jobs must be protected.

He said no decision on retaining the special rate of tax for the hospitality sector has been made yet.

However, he said the 9% rate will be retained until at least February, so any increase wouldn't kick in until after then.