SSE Airtricity owner SSE has said it will forego all profits from this financial year to provide support for domestic customers during the cost-of-living crisis.
SSE Airtricity made an operating profit of €17m in the six months to the end of September, up from a loss of €3.4m during the prior half-year.
The company, which is the energy provider for more than 700,000 homes and businesses in Ireland, said it does not expect to make a profit for the 12 months to the end of March after deciding to "prioritise support programmes for the most financially vulnerable and keeping bills as low as it can this winter".
The commitment also includes additional returns from SSE Airtricity renewable contracts resulting from higher commodity prices, and the firm said the move will help shield customers from the full impact of rising costs.
SSE Airtricity was one of several energy providers in Ireland to raise electricity and gas prices last month, adding 37% to the monthly bills of dual fuel customers. It was the firm's fifth price hike in two years.
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“We know families are struggling during this cost-of-living crisis and as a responsible business we are providing the most comprehensive support package of any energy company in Ireland," said Alistair Phillips-Davies, CEO of SSE.
"This is reflected in our decision to forego any profits we make in SSE Airtricity. Whilst this will not shield everyone from market volatility, we are doing everything we can to support our customers this winter."
SSE Airtricity has provisioned up to €25m for its energy support programme, which includes measures to freeze prices for 60,000 financially vulnerable customers until March 2023, donations of €1m+ to St Vincent de Paul and Northern Ireland's Bryson Charitable Group, and energy efficiency upgrades for 600 vulnerable households.
"At the same time, we are also providing long-term solutions to the current energy crisis. SSE is already Ireland’s largest generator of renewable energy, but we plan to go much further in the years ahead," Phillips-Davies added.
"With a supportive policy environment, we will play a major role in building a cheaper, cleaner and more secure homegrown energy system that protects families and businesses in the future.”
SSE plc reported pre-tax profit of £560m for the half-year, an improvement of 221% year-on-year.
(Pic: Getty Images)
