Bord Gáis Energy posts a loss of €30M as it continues to absorb higher energy costs

Bord Gáis Energy posts a loss of €30M as it continues to absorb higher energy costs

Bord Gáis Energy, part of Centrica plc, announced today an operating loss of €30 million, (£27 million), for the first half of 2023, compared to a profit of €40 million, (£33 million), in the same period last year. Managing Director, Dave Kirwan, explains that this result is a direct consequence of pricing pressure in the retail supply market.

“The retail side of our business continued to be challenged in the first six months of the year. The benefit of being an integrated energy company means that the performance of our infrastructure and trading sides partially offset the retail losses.

“We continue to recognise the need to support vulnerable customers. To address this, last year Bord Gáis Energy established an energy support fund and we have provided €2 million from this fund to aid vulnerable customers in the first six months of this year.​

"As part of our commitment to bolster Ireland's energy security, we have commenced work on two state-of-the-art, hydrogen ready, 100MW flexible gas peaking plants in Athlone and Dublin. These projects represent a significant investment of over €300 million and demonstrate our proactive approach to achieving a sustainable energy future.​

"Bord Gáis Energy remains committed to providing reliable and affordable energy solutions for our customers. Despite the challenges posed by market conditions, we are confident that our strategic investments and customer-centric approach will continue to yield positive results in the long term. Our vision is to lead the energy transition in Ireland through the investment and development of net zero energy solutions across the whole value stream. Through our people and planet plan, we are delivering on our commitment to be net zero by 2045 - helping our customers live sustainably, simply and affordably."