Bord Gáis Energy has reported an operating loss of €30m for the first half of 2023, down from a profit of €40m in the same time last year.
Bord Gáis Energy, which is part of UK group Centrica, said its half year loss was as a direct consequence of pricing pressure in the retail supply market.
Managing Director Dave Kirwan said the retail side of the 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," he added.
Dave Kirwan said the company continues to recognise the need to support vulnerable customers.
Last year it set up an energy support fund which has provided €2m to aid vulnerable customers in the first six months of this year.
"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," he said.
As part of the company's commitment to bolster Ireland's energy security, it has started 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 €300m and demonstrate our proactive approach to achieving a sustainable energy future," Mr Kirwan added.
Centrica hikes dividend as profits at British Gas soar
Meanwhile, Bord Gáis Energy's owner Centrica has proposed a 33% increase in its interim dividend today after posting a jump in first-half profits, buoyed by higher returns from its British Gas supply business.
The results come as millions of households in Britain are struggling to pay energy bills and with the sector under scrutiny after regulator Ofgem earlier this month warned companies to avoid making excessive payouts to shareholders as profits return.
The British Gas Energy supply division posted adjusted profits of £969m compared with £98m the same time last year.
Centrica said some £500m of this related to changes to the regulator's price cap which allowed the company to recoup previously lost costs.
It proposed a final dividend of 1.33 pence per share up 33% compared with last year. The company restored its dividend at its interim results last year for the first time since 2019.
The company also announced plans to invest £4 billion by 2028 on security of supply, energy flexibility and renewable power.
Overall Centrica's adjusted operating profit for the first six months of 2023 rose to £2.08 billion from £1.34 billion a year earlier.
The company forecast lower underlying profits in the second half of the year, which it said is a normal feature of the seasonality of its markets and said uncertainties such as the weather and economic outlook meant there are a range of possible outcomes for the full year.
