Bord Gáis Energy posts operating profit of €75m

Energy giant said its financial performance was driven by a 'strong performance' in trading optimisation and energy generation

Centrica, which also owns Whitegate Power Station in Cork, recorded an operating profit of £2.8bn (€3.4bn) in 2023. Picture: Denis Scannell

Bord Gáis Energy saw its earnings surge last year, recording an operating profit of €75m in the 12 months to December 2024 which was driven by a "strong performance" in trading optimisation and energy generation.

Publishing its financial results on Thursday, Bord Gáis owner, UK-based Centrica said that was up from an operating profit of just €2m in 2023, a year the energy giant said was "financially challenging."

Despite this, Centrica, which also owns Whitegate Power Station in Cork, recorded an operating profit of £2.8bn (€3.4bn) in 2023.

However, it did report a fall in profit for 2024, decreasing to £1.6bn (€1.9bn).

The company also announced its next phase of its investment programme in Ireland, which it said will total €1bn over 5 years. 

In addition, Bord Gáis secured contracts in T-4 capacity auction last month which it said will increase the company’s flexible electricity generation capacity by 50% to 1GW.

“These new contracts will underpin projects which will take Centrica’s total investment in energy security projects in Ireland to €1 billion in just five years, delivering on our strategy to invest in flexible assets to accelerate the energy transition and improve security of supply," said CEO of Centrica, Chris O'Shea.

In 2024, Bord Gáis Energy partnered with Corio for the development of offshore wind projects and acquired solar panel provider Swyft Energy. In 2025, it launched two hydrogen-capable, 100MW flexible gas power stations in Athlone and Dublin will start putting electricity into the grid later this year.

“With committed investment by Centrica, we are firmly focused on underpinning energy security and decarbonisation in Ireland," said Dave Kirwan, Managing Director of Bord Gáis Energy.

"We are transitioning Bord Gáis Energy to be a leading green energy business, while delivering the critical infrastructure required to facilitate the energy transition.”

Meanwhile, parent company Centrica plans to return more cash to investors, even as it opens a £4bn (€4.8bn) investment program.

The company will repurchase an additional £500m of shares which adds to the windfall that’s flowed to shareholders since the 2022 energy crisis drove up prices and profit.