Bord Gáis Energy has reported an operating profit of €75m for last year, according to results published by its parent company Centrica today.
That compares to a €2m profit in the ” financially challenging” 2023, with the company attributing the increase to a strong performance in energy generation and trading optimisation.
During the year, Bord Gáis Energy partnered with Corio for the development of offshore wind projects and acquired solar panel provider Swyft Energy.
It also launched two hydrogen-capable, 100MW flexible gas power stations in Athlone and Dublin will start putting electricity into the grid later this year.
Bord Gáis Energy has a total of 730,000 customers here.
Dave Kirwan, Managing Director of Bord Gáis Energy, said that with committed investment by Centrica, the company wase firmly focused on underpinning energy security and decarbonisation in Ireland.
“We are transitioning Bord Gáis Energy to be a leading green energy business, while delivering the critical infrastructure required to facilitate the energy transition,” Mr Kirwan added.
Its parent company Centrica today also announced the next phase of its investment programme in Ireland, totalling €1 billion over five years, from 2024 to 2029.
“These new contracts will underpin projects which will take Centrica’s total investment in energy security projects in Ireland to €1 billion in just five years, delivering on our strategy to invest in flexible assets to accelerate the energy transition and improve security of supply,” Chris O’Shea, the chief executive of Centrica, said.
Meanwhile, Centrica today announced a share buyback of £500m and maintained its 2025 forecast, after it reported annual profit in line with analyst expectations.
The company also said it had signed a 15-year LNG supply agreement with Brazil’s Petrobras that will start in 2027, and that it had concluded a review of its pension schemes to determine deficits.
Centrica reported adjusted operating profit of £1.55 billion for the year ended December 31, 2024, compared with analysts’ average estimate of £1.54 billion, according to data compiled by LSEG.
