Bord Gáis Energy announces Interim Results for 2024
H1 2024 profit of €50M reported, retail margins remain below pre-energy crisis levels
With Centrica Investment, Bord Gáis Energy is transitioning to a Green Energy Company
25 July 2024
Bord Gáis Energy, part of Centrica plc, today announced a profit of €50m for H1 2024, comprising retail, trading and assets performances. With retail margins still below pre-energy crisis levels, the assets and trading optimisation performances demonstrate the benefit of being an integrated energy company.
Investing in Ireland's Future to Power the Green Transition: To support Ireland's security of supply, two hydrogen-enabled gas peaking plants will allow for increasing levels of renewables generation on the grid from mid-2025 and represent an investment of around €300M.
New Strategic Partnerships: A joint venture with Corio Generation was announced in May 2024 to partner on offshore wind opportunities. This builds on two recently announced partnerships that also support the renewable energy transition: with Mitsubishi to deliver the first ammonia plant in Europe, and with ESB and dCarbonX around hydrogen-ready gas storage at Kinsale.
Supporting our Customers: The continued easing in commodity prices saw supply margins begin to return to more sustainable levels and allowed the company to pass on price reductions to customers. Continued investment in its customer service resulted in a 17-point increase in its NPS score. The company is supporting customers with their transition to green energy, and its solar partnership with Irish Farmer's Association continues to support farmers generate their own electricity and cut energy bills.
Dave Kirwan, Managing Director of Bord Gáis Energy, said:
“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. With market conditions continuing to stabilise, we have been in a position to pass on price reductions to our customers. 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.”
