Pretax profit at retail arm of energy provider Energia declines 47%

DCM Editorial Summary: This story has been independently rewritten and summarised for DCM readers to highlight key developments relevant to the region. Original reporting by Irish Times, click this post to read the original article.

Pretax profit at the retail arm of energy provider Energia last year declined by 47 per cent to €81.65 million due to lower residential and non-residential margins.

Accounts filed by Energia Customer Solutions Ltd show that the company recorded the drop in pretax profit as revenue declined marginally from €1.533 billion to €1.521 billion in the 12 months to the end of March 2025.

Revenue and profit declined against a background of Energia’s customer base increasing during the year.

The figures show that the firm’s residential customer base increased by 26,600 or 11 per cent from 247,700 to 274,300 while its non-residential customer base increased by 3 per cent or 1,600 from 49,400 to 51,000.

However, despite the increase in customers, the volume of energy sold declined with electricity sales reducing from 4.5 terawatt hours (TWh) to 4.3 TWh while gas volume sales reduced from 65.2 million terms to 48.3 million therms.

The drop in energy sold was driven by a decline in the non-residential market which was partially offset by increase in energy sold to residential customers.

In a note with the accounts the directors said revenue reduced primarily due to lower residential revenue reflecting a decrease in tariffs on the previous year.

Last October the firm proceeded with “unavoidable” electricity price hikes for its residential customers due to what the company described as “the scale of the cumulative system operator and network charges”.

Numbers employed remained at 99 and staff costs increased from €10.29 million to €10.64 million.

Pay to directors increased from €1.219 million to €1.46 million, made up of €1.36 million in emoluments and pension contributions of €98,000.

At the end of March last, the firm had shareholder funds of €70.19 million.

Separate accounts filed for another Energia company, Huntstown Power Company Limited, show its pretax profit increased fivefold from €12.7 million to €63.64 million in the 12 months to the end of March last.

This followed revenue increasing by 37 per cent from €232 million to €318.34 million.

The firm’s main activity is the generation of electricity from its 343MW combined-cycle gas turbine plant on the Huntstown site north of Dublin.

The company also commissioned an emergency generation facility during the prior year and is progressing the development of a proposed data centre at its Huntstown campus in Dublin.

Profits were boosted during the year by an exceptional gain of €29.8 million arising from the reversal of an impairment.

During the year, the company paid a dividend of €15 million.