Bord Gáis has announced its annual results for 2005 with a warning to consumers that gas prices are set to increase further and soon.
Speaking on RTÉ's Morning Ireland programme, Bord Gáis CEO Gerry Walsh said the company was seeking a price rise of between 30-40% from the energy regulator. He said any increase would not increase the company's profits.
Bord Gáis today reported a 9% fall in pre-tax profits for 2005 to €108m from €119m in 2004. The company blamed the drop on the 'significant' price increases on the international wholesale gas markets.
Turnover rose by 13% to €857m for 2005, driven by the increase in sales of gas and electricity. The company's share of the electricity supply market rose to 8% by volume with sales in electricity up 30% to €161m. This is one fifth of group turnover.
'2005 was a challenging year for the energy sector and by extension Bord Gáis,' commented Mr Walsh. 'All indications point to an even more challenging year in 2006,' he warned.
