Latest news with #DaveKirwan
Irish Examiner
5 days ago
- Business
- Irish Examiner
Bord Gáis Energy announces profit of €39m for first half of 2025
Bord Gáis Energy has announced a profit of €39m for the first half of 2025, with its customer base growing by 3%. The results compare with a profit of €50m for the equivalent period in 2024. Nevertheless the company, which is owned by Centrica, said the results reflected a good performance across its retail, trading, and asset portfolios. The results came as parent company Centica said on Thursday its adjusted operating profit had halved in the first half of 2025 to €663m. Bord Gais has been focusing on developing two hydrogen-capable 100MW gas peaking plants in Athlone and Dublin and the development of a 334MW Open Cycle Gas Turbine project in Galway. Commissioning of the Athlone and Dublin plants is expected to commence later this year. "Our parent company Centrica's capital investment is enabling us to power Ireland's economic growth and green transition. This will play an important role in delivering a green, secure and competitive energy sector for Ireland," said BGE managing director Dave Kirwan. In January, BGE completed the acquisition of Swyft Energy, enhancing its solar PV capabilities. Earlier this month, BGE signed multiple power purchase agreements with renewable developers, which will see the company buy enough energy to power around 250,000 homes. The new solar agreements are with Highfield Energy, BNRG, ILOS Energy and Power Capital Renewable Energy while Bord Gáis Energy has signed onshore wind offtake agreements with Encavis and Tullynamoyle 5. Meanwhile Centrica said on Thursday its adjusted operating profit halved in the first half of this year, due to mild weather, falling wholesale energy prices and weaker returns from gas storage. The company said its operating profit for the six months ended June 30 fell to £500m (€663m) from just over double that in the same period last year. Centrica is also the owner of British Gas.
Irish Times
6 days ago
- Business
- Irish Times
Bord Gáis profit dips to €39m in first half of 2025
Bord Gáis Energy made a profit of €39 million in the first half of 2025 as customers numbers grew and commodity prices eased. That compared to a profit of €50 million in the first half of 2024. Adjusted earnings before interest, tax, depreciation and amortisation were £40 million (€46.1 million), down 22 per cent on the previous year's £51 million. Customer numbers grew 3 per cent in the first six months of the year, the company said, reaching 531,000. READ MORE The Centrica-owned company is currently undergoing a €1 billion investment programme in strategic infrastructure, bolstering supply security and integrating renewable energy assets, including the development of two hydrogen-capable 100MW gas peaking plants in Athlone and Dublin, and a 334MW open cycle gas turbine project in Galway. It also completed the acquisition of solar PV company Swyft Energy in January, and earlier this month announced multiple power purchase agreements with renewable developers that added more than 629MW of capacity. 'We remain focused on creating value through our integrated model – supporting customers, investing in energy security, and driving decarbonisation,' said Dave Kirwan, managing director of Bord Gáis Energy. 'Our parent company Centrica's capital investment is enabling us to power Ireland's economic growth and green transition. This will play an important role in delivering a green, secure and competitive energy sector for Ireland.' Parent group Centrica reported adjusted operating profit of £549 million, saying the company had put in a 'resilient performance' in a challenging market.
