Business Irish

Sunday 23 October 2016

Wholesale energy prices tumble

Published 27/10/2015 | 02:30

Gas prices have fallen.
Gas prices have fallen.

Irish wholesale gas prices are 13pc lower on average in October compared with October 2014 and 2pc lower compared with last month, according to the latest Wholesale Energy Market Report published by Vayu Energy.

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The company, said the year-on-year decrease in prices is due to an oversupply of liquefied natural gas coupled with increased North Sea exports, which are close to three-year highs. In euro terms, the average day-ahead price for gas is 1.87c per kilowatt hour (c/kWh). This compares to an average price of 2.16 c/kWh in October 2014.

A fall in the value of the euro against sterling over the last 12 months masked an even greater drop in prices on the UK wholesale gas market, the source from which Ireland purchases its natural gas. Prices were down 20pc in real terms year on year.

Irish Independent

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