Energia

Both energy generation firms benefited from the increase in energy prices in the 12 months to the end of March last.

The €64.9 million pre-tax profit takes account of a €30 million property impairment reversal following the success of obtaining capacity contracts to September 2026 and following the replacement of the main generator transformer during the year. The directors state that the profit primarily reflects higher market prices and margins as a result of lower availability of other thermal plants, lower wind generation and higher commodity prices. Huntstown Power Company Ltd operates a 343MW CCGT and last year pre-tax profits more than tripled from €15.4 million to €47.4 million as revenues increased by €266.19 million from €118.7 million to €384.9 million. The business recorded pre-tax losses of €40.2 million in the 12 months to the end of March 2022 and this followed a pre-tax profit of €32.9 million in the prior year - a negative swing of €73.1 million. The business’s residential electricity and gas customer sites decreased from 276,800 in 2021 to 265,100 last year while non-residential electricity customers decreased from 49,400 to 48,000 and non-residential gas customer sites decreased from 3,800 to 3,500. New accounts filed by Energia’s Huntstown Power Company Ltd and Energia Power Generation Ltd show that both energy generation firms benefited from the increase in energy prices in the 12 months to the end of March last.