Bord Gáis Energy announces Preliminary Results for 2023

Bord Gáis Energy announces modest profit for 2023 while continuing to invest in energy security and renewable innovation

• Company investment of around €300M in peaking plants will support Ireland’s energy security from 2025
• Strong support for Ireland’s energy transition through green hydrogen and ammonia innovations
• €7M Energy Support Fund helps vulnerable customers

15^th February 2024: Bord Gáis Energy, part of Centrica PLC, today announced a profit of €2M for 2023 (a YOY reduction of €34M). A fully-integrated energy company, Bord Gáis Energy balanced pricing pressure in energy supply with a strong performance from its power generation and trading activities in 2023. The company continued to invest in: powering Ireland’s economic growth; advancing Ireland’s energy transition through industry innovations; and supporting customers through the worst of the energy crisis.

Powering Ireland’s Economic Growth: With an expected total investment of around €300M, construction of Bord Gáis Energy’s two, hydrogen-ready, 100MW flexible gas peaking plants in Athlone and Dublin continued. Both plants are due to join the grid in the first half of 2025, boosting Ireland’s energy security.

Innovating to Lead the Energy Transition: Several strategic partnerships were announced as Bord Gáis Energy continued to explore pioneering solutions to facilitate the energy transition, including large-scale green hydrogen energy storage and Europe's first-ever ammonia-fired power generation facility.

Supporting customers: Bord Gáis Energy allocated €3M to its Energy Support Fund to help vulnerable customers, bringing to €7M the total invested in the fund since it was created in 2022. Commodity prices remain high but have continued to stabilise. The company announced the first of two price reductions in a four-month period, resulting in reductions of almost €1,000 on the average dual fuel bill*. Continued investment in customer service resulted in a lower number of complaints per customer.

Speaking about the results today, Dave Kirwan, MD Bord Gáis Energy said:

“Throughout 2023, Bord Gáis Energy has continued to invest in powering Ireland’s future economic success, progressing new and creative advances to deliver the energy transition, while supporting our customers through the worst of the energy crisis. Support from Centrica enables us deliver strategic investments and a customer-centric approach which will continue to yield positive results in the long term. We are very conscious of the challenge Ireland faces on energy security and are investing significantly in our hydrogen ready 100MW flexible gas peaking plants in Athlone and Dublin. We do all of this with an expanding team of valued, high-performing colleagues, to ensure that we are energising a greener, fairer future.”

Ends/

*Estimated annual saving figure of €962 for our Dual Fuel customers when compared to our standard variable tariffs in electricity (Urban 24 hour) and gas prior to our price decrease on 9 November 2023 and are based on typical annual consumption values of 4200kWh in electricity and 11,000kwh in gas (as set by the CRU).