Increased energy costs left electricity and gas supplier Airtricity with a €13 million loss last year
Returns just filed show that revenues in the 12 months ended March 31st, 2011, its financial year, grew by over 60 per cent to €511 million from €315 million in 2010.
Airtricity supplies its customers by generating electricity from its wind farms and by buying power on the open market from other generators operating in Ireland. It purchases all the natural gas it supplies on the open market.
World oil and natural gas prices drive electricity costs as these are the principal fuels used in its generation. Both oil and gas prices began to increase in late 2010 and rose sharply early last year in the wake of the Libyan revolution and the growing agitation for democracy across Arab states that are large oil producers.
Oil prices hit $116 a barrel on world markets a year ago and subsequently moved close to $120 a barrel.
Source - Irish Times
Article Published: 16/01/2012