Airtricity enjoys soaring profits
Airtricity generates a significant €13.3m pre-tax profit boost
Airtricity, the renewable gas and electricity company, has enjoyed a surge in pre-tax profits to €13.3m in the year to the end of March.
This is a significant turnaround in fortunes for the company which endured a loss of €13.8m during the previous year. The improvement in profits is attributed to a fall in energy costs and greater customer numbers.
The announcement of the rise in profits follows an increase in gas and electricity prices for the majority of Airtricity’s customers which the company described as “unavoidable”.
In October electricity prices rose by 4.7 per cent with the increase for gas fixed at 8.5 per cent. As a result average bills increased by €49.92 annually for electricity and €69.16 for gas. Customers with pre-payment meters were unaffected by the price rises.
Airtricity, founded in 1997 and now owned by Scottish and Southern Energy, has a particular interest in wind farms and is currently engaged in constructing the largest off-shore wind farm in the world in addition to the 24 sites it owns in the UK and Ireland.
The company, which supplies approximately 625,000 domestic and commercial customers, is Ireland’s largest and fastest-growing energy supplier and serves consumers on both sides of the border.
Its foray into the competitive gas market only started in 2010.