Bord Gáis Energy said it made a profit of €50 million in the first half of the year as it continued to invest in transitioning to a green energy company.
The company said the profit comprised retail, trading and assets performance. Energy prices have fallen from the highs seen during the energy crisis, with reductions passed on to customers as the market stabilised.
“With retail margins still below pre-energy crisis levels, the assets and trading optimisation performances demonstrate the benefit of being an integrated energy company,” Bord Gáis said.
Last year, the company recorded a €30 million loss for the same period after high wholesale prices forced it to absorb higher costs.
The energy company has also been investing in its future supply as Ireland moves to bolster its energy supplies and renewables. Bord Gáis said two hydrogen enabled power plants it is building at a cost of €300 million should begin generating electricity by mid 2025, bringing an increased level of renewables generation. The company also announced a joint venture with Corio Generation in May to enter the offshore wind market.
“We are committed to powering Ireland’s economic growth and enabling the transition to green energy, and this is being made possible by capital investment by our parent company Centrica,” said Dave Kirwan, managing director of Bord Gáis Energy.
“Strategic partnerships, such as with Corio Generation, will help us realise our ambition to lead the energy transition. And because how we do business is important to us, we will continue to invest in our Energy Support Fund and to support Focus Ireland. At Bord Gáis Energy we are energising a greener, fairer future.”
