Bord Gáis Energy, an integrated energy company, has experienced a substantial operating loss of €30 million in the first half of 2023, contrasting with the €40 million profit achieved during the same period last year. The loss can be primarily attributed to pricing pressures in the retail supply market, as the retail sector of the company encountered various challenges.
However, despite these losses, Bord Gáis Energy remains committed to assisting vulnerable customers by establishing an energy support fund and allocating €2 million to aid those in need. Additionally, the company has demonstrated a proactive approach towards achieving a sustainable energy future by investing over €300 million in state-of-the-art gas peaking plants that are hydrogen ready and flexible.
In contrast, Centrica, the parent company of Bord Gáis Energy, has reported a 33% increase in interim dividend and significant profits at British Gas. Nevertheless, uncertainties such as weather conditions and the economic outlook could potentially impact the overall performance of both companies for the full year.
Bord Gáis Energy Performance
Bord Gáis Energy’s performance in H1 2023 was impacted by challenges in the retail supply market, resulting in an operating loss of €30m, a decrease from the €40m profit in the same period last year.
The retail side of the business faced difficulties in the first six months, primarily due to pricing pressure. Despite this setback, the company’s integrated energy operations partially offset the retail losses.
Bord Gáis Energy recognizes the need to address these challenges and remains committed to providing reliable and affordable energy solutions. The company has established an energy support fund and allocated €2m to aid vulnerable customers in H1 2023.
By investing over €300m in state-of-the-art gas peaking plants in Athlone and Dublin, which are hydrogen ready and flexible, Bord Gáis Energy is taking a proactive approach to achieving a sustainable energy future and bolstering Ireland’s energy security.
Support for Vulnerable Customers
Despite the difficulties encountered in the first half of the year, efforts have been made to assist those customers who are considered vulnerable through the establishment of an energy support fund and the provision of €2m in aid.
Bord Gáis Energy recognizes the importance of supporting vulnerable customers and has taken steps to provide reliable and affordable energy solutions. The energy support fund aims to alleviate the financial burden on vulnerable customers and ensure they have access to essential energy services.
By committing to support vulnerable customers, Bord Gáis Energy is demonstrating its commitment to social responsibility and ensuring that no customer is left behind. These initiatives reflect the company’s proactive approach to addressing the challenges faced in the retail market and its dedication to providing assistance to those in need.
Investment in Gas Peaking Plants
The investment in state-of-the-art gas peaking plants by the company involves the establishment of two hydrogen-ready and flexible plants in Athlone and Dublin, with an investment of over €300m.
These plants signify a proactive approach towards achieving a sustainable energy future. By being hydrogen-ready, they demonstrate the company’s commitment to adapt to emerging energy technologies and contribute to reducing carbon emissions.
The flexibility of these plants allows for efficient and responsive energy generation, enabling the company to meet the fluctuating demands of the market.
This investment not only bolsters Ireland’s energy security but also aligns with the company’s long-term strategy to provide reliable and affordable energy solutions.
By embracing innovative technologies and enhancing operational capabilities, Bord Gáis Energy aims to play a significant role in shaping the future of the energy landscape.
