Expansion costs eat into Energia’s annual profits

The cost of entering the residential electricity market in 2014 contributed to pre-tax profits at Energia decreasing by 37.5% to €16.7m.

Newly filed accounts for Energia — trading as Viridian Energy Ltd — show that the firm recorded the drop in profit as revenues declined from €861m to €850m in the 12 months to the end of last March.

According to the directors’ report, revenues decreased as a result of “lower retail prices associated with lower commodity prices”.