Operating profits at Bord Gáis Energy jumped by a massive 74% in the first half of 2022, during a six month period where many customers struggled with the fast-rising cost of living crisis.
With more than half a million Irish customers, Bord Gáis recorded an adjusted profit of almost €40 million (£33m) in the first six months of this year. That was up 74% on operating profit of almost €23 million in the same period last year.
And the energy company’s parent corporation, Centica, also recorded a staggering five-fold jump in profits – some £1.34 billion in the six months to the end of June, compared to the same period in 2021.
British Gas owner Centrica has posted operating profits of £1.34 billion in the six months to the end of June, an increase of five-fold on the same period in 2021.
— LBC News (@LBCNews) July 28, 2022
Bord Gáis Energy has raised prices three times for Irish customers in the past year.
News of the increased profits for the energy supplier was met with considerable pushback on social media, with many using the Rip-Off Ireland hashtag.
We are continually ripped off because we have a public representation that is self serving and a very weak leadership.#RipOffIreland the #RipoffRepublic #CostOfLivingCrisis #BordGais https://t.co/kVv8ukERLt
— Pillar_Citizen (@Pillar_Citizen) July 28, 2022
Bord gáis is part of centrica a multinational energy provider with billionaire shareholders, who are about to become a whole lot wealthier because of energy price increases, let that reassure you when you can't afford to turn the heating on.
— seanocheogain (@septimus593seve) July 28, 2022
In March, Bord Gáis Energy was criticised for imposing massive increases in its standing charges – being raised to almost €300 before any electricity at all was used.
Bord Gais said that the profit jump was due to the return of service of its Whitegate power station in Co Cork at the end of last year, which allowed it to benefit more from rising energy prices.
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