Bord Gáis Energy has reported an operating profit of €75m for 2024, a significant turnaround from 2023 when the energy provider made just €2m.

Parent company Centrica has also announced plans to invest €1bn in Ireland by 2029.

Bord Gáis Energy secured contracts in the recent T-4 capacity auction that will allow the company to increase its flexible generation capacity by 50% to more than 1GW.

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

Bord Gáis Energy said its improved 2024 performance was driven by trading optimisation and energy generation.

The company has some 730,000 customers in Ireland, and is expanding its green energy capacity internally and through partnerships.

Last year, Bord Gáis Energy partnered with Corio for the development of offshore wind projects and acquired solar panel provider Swyft Energy.

So far this year, the company has launched two hydrogen-capable 100MW flexible gas power stations in Athlone and Dublin that 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.”

Centrica reported lower adjusted EBITDA of £2.3m for 2024 (£3.5bn in 2023). Adjusted operating profit also fell year-on-year from £2.8bn to £1.6bn.

Photo: (l-r) Valerie Hand (Retrofit Manager), Teresa Purtill (Director of Services & Solutions) and Wendy Salmon (One Stop Shop Development Manager) as Bord Gáis Energy launches its new One Stop Shop service.