Bord Gáis loses 23,000 customers in the past year as operating profits fall sharply

Bord Gáis, which also owns Whitegate power station in Cork, posted an operating profit of £1m (€1.17m), down significantly from £31m in 2022. File Picture: Denis Scannell

Bord Gáis lost 23,000 household and business customers in 2023, reflecting a drop of about 4% but remains a dominant supplier in the Irish energy market with 503,000 customers, according to financial figures from its parent company Centrica.

Bord Gáis, which also owns Whitegate power station in Cork, posted an operating profit of £1m (€1.17m), down significantly from £31m in 2022 as utility bills and energy prices fall from record highs.

Meanwhile, its parent company Centrica has stepped up payouts to its shareholders after another year of soaring profits, with shares jumping by the most since July.

The Bord Gáis and British Gas owner increased its full-year dividend by 33% to 4 pence per share, the utility said in its earnings statement. Total returns handed back to its owners amounted to £800m last year, the firm said.

In its preliminary results to the end of 2023, Centrica reported an adjusted operating profit of £2.8bn, compared with £3.3bn a year earlier, but above a company-compiled consensus of £2.6bn. 

This was mainly due to lower seasonal demand and less volatile wholesale prices.

Posting a 97% drop in adjusted operating profit, Bord Gáis said it balanced pricing pressure in energy supply with a "strong performance" from its power generation and trading activities in 2023. 

It said it ramped up investment, with plans worth €300m going towards the continued work of two gas-fuelled power plants in Athlone and Dublin that will supply electricity at times of high demand, with the company confirming that they will be ready to supply power by the start of next year.

What's your view on this issue?

You can tell us here

Across Europe, utilities are adjusting to a sharp decline in gas and power prices after record levels during the 2022 energy crisis contributed to soaring profits. Centrica faced widespread criticism after bumper earnings in 2022 and the strong first half of 2023 as inflation and the worst cost-of-living crisis in decades strained households.

The notable boost for shareholders is likely to cause fresh public outcry as energy bills remain high even as inflation is dropping. Centrica said that sliding commodity prices are reducing volatility, which should lead to lower prices for consumers going forward.