SSE Airtricity saw operating profits rise to €17 million in the first half of its financial year as energy prices surged, but owner SSE expects the Irish business to forgo all profits this year to provide support to domestic customers.
It also plans to increase its generation capacity, with a number of new wind farms planned.
The energy company, which has more than 700,000 business and domestic customers across the island of Ireland, made a loss of €3.4 million in the same period a year earlier. Higher commodity prices in recent months have seen the company make additional returns from its renewable contracts.
But the group said it would prioritise support programmes for the most financially vulnerable and keep bills as low as it can this winter.
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The company’s energy support programme has provided up to €25 million already this year across a number of initiatives, including protecting 60,000 financially vulnerable customers from any price rises until March 2023, a €1 million donation to St Vincent de Paul, and €1.1 million to Northern Ireland support agency Bryson Charitable Group. It has also rolled out a home energy efficiency upgrade to 600 households considered vulnerable.
SSE has almost 700MW of installed onshore wind capacity, which can generate enough electricity for almost half a million homes each year. It is planning further projects, including a 104MW wind farm in Co Offaly, and further wind farms in Co Wicklow and Co Donegal.
Offshore wind farms will also play a role, including the 1GW Braymore Wind Park and the 1.2GW Celtic Sea Array off the coast of Waterford.
“We know families are struggling during this cost-of-living crisis and as a responsible business we are providing the most comprehensive support package of any energy company in Ireland. This is reflected in our decision to forego any profits we make in SSE Airtricity. Whilst this will not shield everyone from market volatility, we are doing everything we can to support our customers this winter,” said SSE chief executive Alistair Phillips-Davies.
“At the same time, we are also providing long-term solutions to the current energy crisis. SSE is already Ireland’s largest generator of renewable energy, but we plan to go much further in the years ahead. With a supportive policy environment, we will play a major role in building a cheaper, cleaner and more secure home-grown energy system that protects families and businesses in the future.”
