Bord Gais reports a 74 percent increase in operating profits as customers grapple with price hikes

As it turns out, Bord Gáis Energy’s operating profit rose 74 percent in the first half of the year.

Meanwhile, customers struggling with the cost of living crisis have seen a series of increases in their bills.

British Centrica’s Irish unit posted adjusted profit of 39.5 million euros in the first six months of this year.

This is an increase of €22.7 million in the same period of the previous year.

The company has increased its prices three times in the past year – in August and October 2021 and in April this year.

Bord Gáis Energy’s customer base increased slightly to 513,000.

The company insisted its improved performance was due to the restarting of Whitegate power station in Co Cork late last year, allowing it to benefit more from rising energy prices.

Parent company Centrica announced consolidated profit of £1.34 billion (€1.6 billion) for the six-month period.

Separately, households have been warned that wholesale gas costs could continue to rise.

The Russians have left gas markets wondering if they will further reduce inflows into Europe, which has kept gas prices high.

Gas traders have been closely watching developments at Nord Stream turbines since mid-June, when Russia’s Gazprom reduced flow to 40 percent of the pipeline’s capacity.

https://www.independent.ie/business/bord-gais-reports-74pc-rise-in-operating-profits-while-customers-grapple-with-price-hikes-41875162.html Bord Gais reports a 74 percent increase in operating profits as customers grapple with price hikes

Fry Electronics Team

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