SSE Airtricity posts higher profits amid energy crisis

In its latest trading update, the energy provider posted operating profits of €17m, up from €3.4m, during the first half of the year.

SSE Airtricity is the largest natural gas supplier in Northern Ireland.

SSE Airtricity posted increased profits as energy prices soar but said it will use this boost to business to be “responsible” amid growing economic challenges.

The British company said it will “forego any profits” as its customers face rising costs due to inflation and energy prices exacerbated by the war in Ukraine.

“Whilst this will not shield everyone from market volatility, we are doing everything we can to support our customers this winter,” said SSE chief executive Alistair Phillips-Davies.

In its latest trading update, the energy provider posted operating profits of €17m, up from a loss of €3.4m, during the first half of the year.

The company was buoyed by strong performances from its thermal power plants amid high energy prices.

The decision follows a recent announcement by the EU to introduce a cap on energy profits. Ireland is set to receive up to €2bn from this windfall tax.

SSE Airtricity has not yet detailed how it will use these profits to support people.

“We know families are struggling during this cost-of-living crisis and as a responsible business we are providing the most comprehensive support package of any energy company in Ireland,” said Mr Phillips-Davies.

The company has already invested in support programmes for vulnerable customers this year. 

The company said it will also continue to invest significantly in Ireland’s clean energy infrastructure with current and potential projects, including the 104MW Yellow River onshore wind farm in Co Offaly. This project entered construction in the last week and is expected to support over 100 full-time jobs at peak delivery.

SSE Airtricity is the largest provider of renewable energy in Ireland, with almost 700MW of installed onshore wind capacity, SSE generates enough clean electricity to power almost half a million homes annually.

SSE Airtricity provides energy to more than 700,000 homes across the island of Ireland.