Bord Gáis Energy profits fall to €50m despite positive revenues
SHARES in UK energy giant Centrica, which owns Bord Gáis Energy, sank as much as 12pc yesterday as it warned that a cap on UK energy prices will hit its cash flow. The group also said that profits at Bord Gáis Energy fell 6pc to £44m (€50.7m) as it was impacted by an extended and planned maintenance outage of its power station in Whitegate. However, it said that its Irish unit had performed well overall in 2018. Along with other energy providers in Ireland, Bord Gáis Energy raised its prices last year, increasing its gas prices by 4.7pc in August, and its electricity prices by 5.8pc. Centrica said a regulator-imposed cap on standard UK energy prices would lead to a £300m (€345.5m) hit to profits in 2019, including a one-off impact of about £70m (€80.6m) in the first quarter.