Bord Gáis Energy announces a turnover of €50 million in the first six months of this year as it persists in its progression towards becoming a sustainable energy company. This profit, composed of the results of retail, trading and assets, originated at a time when energy prices took a dip from the elevated costs seen during the power crisis, a benefit which was generously directed back to its consumers once the market regained stability.
Even though retail margins are yet to match the levels pre-energy crisis, Bord Gáis points out that the performance of its assets and trading optimisation signify the advantages of running an all-inclusive energy company. The company faced a €30 million deficit in the corresponding period of the previous year due to the prevailing high wholesale prices, which compelled them to bear higher expenses.
Bord Gáis Energy has also taken initiative in securing its future supply as Ireland prepares to fortify its energy reservoir and renewable sources. The company announced that two hydrogen factories they are constructing at an expenditure of €300 million are expected to start production by mid 2025, hence, escalating the level of renewable power generation. It has also associated with Corio Generation in May intending to venture into the sea wind sector.
Dave Kirwan, the managing director of Bord Gáis Energy, proclaimed that their company aspires to fuel the economic advancement of Ireland and facilitate the shift to eco-friendly power. This is made feasible by the capital investment from their parent company, Centrica. “Strategic collaborations, like one established with Corio Generation, will enable us to achieve our goal to spearhead the energy transition. Also, as we attach great importance to our functioning, we will carry on with our investment in our Energy Support Fund and backing Focus Ireland.”, Dave said, “At Bord Gáis Energy, we are fuelling a more sustainable, equitable future.”