SSE Airtricity has announced that it now expects to forego all profits for the current fiscal year in order to prioritize its customer care programs.
The move comes as the company announced today that it had posted an operating profit of €17 million for the first half. This is an increase from a loss of €3.4m reported in the same period last year.
In October, the energy company increased electricity prices by more than 35 percent and gas costs by 39 percent in response to continued increases in wholesale energy costs.
The company, which supplies energy to more than 700,000 homes and businesses across Ireland, said its focus is now on its support programs for the financially most vulnerable.
SSE has committed €25 million to these programs so far this year to protect 60,000 customers from price increases until next March.
The energy company said it has also completed upgrades for 600 vulnerable homes and has donated over €2million to St Vincent de Paul here and the Bryson Charitable Group in Northern Ireland.
In an effort to keep bills as low as possible this winter, the company does not expect to make a profit in the 12 months ended March 31 next year.
SSE Airtricity said that this commitment also includes additional returns on Airtricity’s renewable contracts resulting from currently higher commodity prices.
In a statement, SSE said these measures “will not halt price increases due to ongoing market volatility” but will instead protect customers from the “full impact of rising costs”.
“We know families are struggling during this cost of living crisis and as a responsible company we offer the most comprehensive support package of any energy company in Ireland,” said SSE Chief Executive Alistair Phillips-Davies.
“This is reflected in our decision to forego any profits we make from SSE Airtricity. While this will not protect everyone from market volatility, we are doing everything we can to support our customers this winter.”
Mr Phillips-Davies added that the energy company will also seek long-term solutions to the current energy crisis by providing more renewable energy.
https://www.independent.ie/business/irish/sse-airtricity-says-it-expects-to-forgo-all-profits-this-year-to-support-customers-42148265.html SSE Airtricity expects to forego all profits this year to support customers