Bord Gáis Energy owner Centrica is to increase its investment in Ireland’s energy market, bringing the total spent here to €1 billion between 2024 and 2029.
The move came as Bord Gáis Energy said operating profit surged to €75 million in 2024, up from €2 million a year earlier.
The group said the jump was driven by a strong performance in what it described as trading optimisation and energy generation.
The new investment is being supported by Bord Gáis Energy securing contracts for the next four years in a T-4 capacity auction in January. That increases the company’s flexible electricity generation capacity to 1GW, a 50 per cent increase.
“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 Centrica’s chief executive Chris O’Shea.
The year saw a number of developments on the green energy front, with Bord Gáis Energy partnering with Corio for the development of offshore wind projects, and the acquisition of solar panel provider Swyft Energy. That has continued into 2025, with two hydrogen-capable, 100MW flexible gas power stations in Athlone and Dublin due to 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.”
