Bord Gáis Energy has today announced a "modest" profit of €2m for 2023, down from €34m in 2022 as it said it balanced pricing pressure in energy supply with a strong performance from its power generation and trading activities.
The company, which is owned by Centrica, said it allocated €3m to its Energy Support Fund last year to help vulnerable customers.
This brings to €7m the total invested in the fund since it was created in 2022.
Bord Gáis Energy noted that commodity prices remain high but have continued to stabilised and Bord Gáis Energy recently announced the first of two price reductions in a four-month period.
It said this would result in reductions of almost €1,000 on the average dual fuel bill.
The energy company said that with an expected total investment of around €300M, construction of its 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 and will boost the country's energy security, it added.
Dave Kirwan, the managing director of Bord Gáis Energy, said the company continued to invest in powering Ireland's future economic success, progressing new and creative advances to deliver the energy transition, while supporting its 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," Mr Kirwan said.
"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," he said.
"We do all of this with an expanding team of valued, high-performing colleagues, to ensure that we are energising a greener, fairer future," he added.
