Bord Gais announced 500 new Jobs to come!

Bord Gáis Éireann (BGE) says it will create 500 new jobs and invest €3 billion over the next ten years. With 350,000 new customers switching to BGE from ESB, it now has a customer base of more than one million, according to its 2009 annual report published today.

Bord Gáis says that it is now positioned to produce up to 1,500MW of electricity generating capacity over the next few years. The annual report details the company's investment strategy including the imminent opening of the new Whitegate Power Station and the successful acquisition of wind energy company, SWS, in late 2009.

The €500m investment in SWS will see a major roll-out of wind farms between now and 2013. This, along with a recently announced "green economy" programme, will see the creation of 500 new jobs over the next three years, the company says.

"Bord Gáis Éireann remains highly profitable and a very significant state asset," said chief executive John Mullins.

The company's fixed assets now exceed €3.5bn and grew by 26%, while cash flow from operating activities grew by €58m. Company EBITDA has reached €319.9m, an increase of 7% on 2008.

"Profits before tax reached €119m for 2009 and while this is down by €32m on 2008, it represents a strong performance as Bord Gáis reduced gas prices three times in a twelve month period and undertook a substantial investment programme involving acquisitions as well as capital expenditure in the core business," said Mullins.

"The acquisition of SWS provides the company with large-scale renewable energy capacity and together with the commissioning of the 445MW Whitegate power station in 2010, represent major milestones in the development and growth of Bord Gáis. Over the next decade the company will invest €3 billion in the Irish economy, creating significant employment and substantially growing the value of our assets".

Meanwhile, energy minister Eamon Ryan may break up the company in a bid to increase competition across Ireland's natural gas markets, according to a report in today's Irish Times.

It says that the Minister is considering a report on an EU directive that includes a proposal to hive off the company's ditribution into a new subsidiary. Both ESB and Airtricity are understood to be considering entering the domestic natural gas market.