Centrica announces further expansion in Irish power market, bringing total investment over 5 years to €1 billion

Bord Gáis Energy reports operating profit of €75 million for 2024

Thursday 20 February 2025:  Centrica plc. (“Centrica”) today issued its financial results to the market and announced the next phase of its investment programme in Ireland, totalling one billion euros over 5 years, from 2024 to 2029.

Bord Gáis Energy, part of Centrica, secured contracts in T-4 capacity auction last month which will increase the company’s flexible electricity generation capacity by 50% to 1GW, supporting Ireland’s security of energy supply and facilitating system-wide decarbonisation.

Chris O’Shea Chief Executive Officer of Centrica said: “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.”

Alongside the investment update, Bord Gáis Energy announced an operating profit of €75m in 2024 driven by a strong performance in trading optimisation and energy generation. This follows a financially challenging 2023 in which the company recorded a €2m operating profit.

A fully integrated energy company, Bord Gáis Energy is delivering security of supply while complementing intermittent renewable generation; expanding its green energy capacity through innovative projects and partnerships; and investing in net zero solutions for its 730,000 customers.

In 2024, Bord Gáis Energy partnered with Corio for the development of offshore wind projects and acquired leading solar panel provider Swyft Energy. In 2025, it launched a One Stop Shop and two hydrogen-capable, 100MW flexible gas power stations in Athlone and Dublin will start putting electricity into the grid later this year.

Dave Kirwan, Managing Director of Bord Gáis Energy, said: “With committed investment by Centrica, we are firmly focused on underpinning energy security and decarbonisation in Ireland. We are transitioning Bord Gáis Energy to be a leading green energy business, while delivering the critical infrastructure required to facilitate the energy transition.”