Bord Gáis Energy will spend €250 million on two gas-fired electricity plants that it says will power up to 100,000 homes.
The energy supplier was one of several to win contracts from national grid operator EirGrid last year to build gas-fired power stations.
Bord Gáis confirmed that it and its parent, British group Centrica, have pledged to spend €250 million on the electricity generators in Dublin and Athlone.
The company predicted on Wednesday that both should be completed by the end of 2024.
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‘I could have gone to California. At this rate, I probably would have raised about half a billion dollars’
It has begun clearing both sites while several bidders are tendering for the design and construction contracts. The new plants are designed to cope with peaks and troughs in the electricity supply that result from heavy use of wind and solar power.
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According to Bord Gáis, they can switch from a standing start to full power generation within six minutes.
Between them, they will generate 200 megawatts of electricity — enough to supply about 100,000 homes.
Bord Gáis managing director Dave Kirwan said the company had absorbed some of last year’s worst increases in energy prices, so would make no profit from supplying households in 2022.
“Taking the longer-term view we are committing over €250 million to the construction of the two flexible gas-fired generation plants in Athlone and Dublin,” he added.
Mr Kirwan also noted that the company had an energy support fund and pledged 10 per cent of operating profit from other parts of its business to aid customers that needed it most.
