The retail arm of energy provider Energia reported a remarkable financial turnaround last year, swinging back into profit with pre-tax earnings of €154.33 million, despite losing 14,600 customers during the same period.
Newly filed accounts for Energia Customer Solutions Ltd reveal a dramatic improvement from the previous year, when the company recorded a pre-tax loss of €149.5 million. This positive shift of €303.8 million came as revenues decreased by 16%, dropping from €1.82 billion to €1.53 billion in the 12 months leading up to March 2024.
The decline in revenue coincided with a reduction in the company’s customer base, which fell from 311,700 to 297,100. Residential customers decreased from 261,400 to 247,700, while non-residential customers saw a smaller decline from 50,300 to 49,400.
Company directors attributed the turnaround to the stabilization of commodity and wholesale prices. Average gas prices for the year stood at 83p/therm, less than half of the 174p/therm recorded in 2023. Total electricity sales volumes dropped from 5TWh in 2023 to 4.5TWh in 2024, while gas sales volumes declined from 80.6 million therms to 65.2 million therms.
Operating profits of €162 million were primarily driven by normalized commodity and wholesale prices, alongside improved margins in electricity and gas. This was partially offset by lower renewable Power Purchase Agreement (PPA) margins and adjustments to expected credit loss provisions.
The revenue decrease was largely attributed to reduced electricity and gas revenues in both residential and non-residential sectors, reflecting lower prices and consumption levels.
Staffing levels saw a minor decline, with the number of employees dropping from 100 to 99. Staff costs, however, increased from €9.06 million to €9.9 million. Directors' compensation also rose, with pay increasing from €1 million to €1.219 million, including €1.13 million in emoluments and €85,000 in pension contributions.
Meanwhile, separate accounts for Huntstown Power Company Limited, another Energia entity, showed an 87% drop in pre-tax profits, plummeting from €97.87 million to €12.75 million. Revenues for this company more than halved, falling from €495 million to €232 million.
Huntstown Power Company operates a 343MW Combined Cycle Gas Turbine (CCGT) plant north of Dublin. The firm recently commissioned an emergency generation facility and is progressing plans for a data center at its Huntstown site. The sharp decline in profits was attributed to lower plant utilization and decreased commodity prices.
Additionally, the company's three-year contract with Eirgrid to provide 50MW of emergency gas generation capacity was completed in February 2024, making the plant available for emergency services as required.
Newly filed accounts for Energia Customer Solutions Ltd reveal a dramatic improvement from the previous year, when the company recorded a pre-tax loss of €149.5 million. This positive shift of €303.8 million came as revenues decreased by 16%, dropping from €1.82 billion to €1.53 billion in the 12 months leading up to March 2024.
The decline in revenue coincided with a reduction in the company’s customer base, which fell from 311,700 to 297,100. Residential customers decreased from 261,400 to 247,700, while non-residential customers saw a smaller decline from 50,300 to 49,400.
Company directors attributed the turnaround to the stabilization of commodity and wholesale prices. Average gas prices for the year stood at 83p/therm, less than half of the 174p/therm recorded in 2023. Total electricity sales volumes dropped from 5TWh in 2023 to 4.5TWh in 2024, while gas sales volumes declined from 80.6 million therms to 65.2 million therms.
Operating profits of €162 million were primarily driven by normalized commodity and wholesale prices, alongside improved margins in electricity and gas. This was partially offset by lower renewable Power Purchase Agreement (PPA) margins and adjustments to expected credit loss provisions.
The revenue decrease was largely attributed to reduced electricity and gas revenues in both residential and non-residential sectors, reflecting lower prices and consumption levels.
Staffing levels saw a minor decline, with the number of employees dropping from 100 to 99. Staff costs, however, increased from €9.06 million to €9.9 million. Directors' compensation also rose, with pay increasing from €1 million to €1.219 million, including €1.13 million in emoluments and €85,000 in pension contributions.
Meanwhile, separate accounts for Huntstown Power Company Limited, another Energia entity, showed an 87% drop in pre-tax profits, plummeting from €97.87 million to €12.75 million. Revenues for this company more than halved, falling from €495 million to €232 million.
Huntstown Power Company operates a 343MW Combined Cycle Gas Turbine (CCGT) plant north of Dublin. The firm recently commissioned an emergency generation facility and is progressing plans for a data center at its Huntstown site. The sharp decline in profits was attributed to lower plant utilization and decreased commodity prices.
Additionally, the company's three-year contract with Eirgrid to provide 50MW of emergency gas generation capacity was completed in February 2024, making the plant available for emergency services as required.
