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Tougher competition sparks 20pc slump in Energia profits

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Energia provides domestic gas and electricity to Irish homes

Energia provides domestic gas and electricity to Irish homes

Energia provides domestic gas and electricity to Irish homes

PROFITS at the retail arm of electricity and gas provider Energia fell 20pc to €12m in its last financial year.

It blamed increased wholesale prices and a more competitive environment for the decline.

Accounts for the retail unit - which sells to residential and business customers - show that revenue at the division rose 11.3pc to €1.02bn in the year to the end of March.

The company had a total of 210,500 accounts at residential sites at the end of the financial year, with 153,000 of those for electricity and 57,500 for gas. That compared with 141,400 and 50,700 respectively at the end of the previous financial year.

It had 42,000 electricity accounts at business premises at the end of last March, and 3,800 gas accounts. Those figures compared with the 48,200 and 4,300 respectively that it had 12 months earlier.

At the end of last March, Energia held 22pc of the Irish non-residential electricity market by volume and 13pc of the non-residential gas market by volume.

Despite the decline in non-residential customers, the company sold 3.9 terrawatt hours of electricity to those clients in the last financial year, up slightly on the 3.8 it sold the previous year.

Gas sold to those customers declined to 56.3m therms from 58.2m therms.

Electricity and gas usage by residential customers rose 16pc and 9pc respectively in the last financial year.

Energia is owned by US-based I Squared Capital.

Irish Independent