State-owned Irish gas and electricity supplier Bord Gais has asked the government for permission to raise prices by around 40% as it battles to confront surging wholesale markets.
The company’s CEO Gerry Walsh is insistent that the price rises will not contribute to the firm’s bottom line, being used solely to cover growing overheads and operational costs at the company.
Bord Gais also reported that its full year profits for 2005 were down slightly, with a 9% slide against the 2004 figure.
2005 was a challenging year for the energy sector and by extension Bord Gais, Mr Walsh said.
All indications point to an even more challenging year in 2006.