Wednesday 16 October 2019

Wholesale energy prices down sharply this year

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Stock image

Shawn Pogatchnik

WHOLESALE gas and electricity prices have fallen by 66pc and 38pc, respectively, over the past year, according to energy supplier Naturgy.

"This is good news for businesses," said Naturgy energy analyst Lauren Stewart.

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"Gas storage stocks and healthy supply in the UK are having a positive impact on prices for Irish businesses," she said.

"Gas storage stocks are currently almost 100pc full, which is unusual for this time of year, and a positive situation to be in as we head into the winter months."

Ms Stewart said depressed demand for natural gas in Asia and an expected increase this month of gas imports to the UK "mean that system oversupply could be a regular occurrence".

She said that wind-generated electricity was propelling a "dramatic drop in prices", and exerting "a much bigger influence on the price of electricity than ever before".

Irish Independent

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