Wholesale gas and electricity prices plunge
Irish wholesale gas prices were 26pc lower in November than they were in the same month last year, according to a new study.
According to the latest wholesale energy Market Report from Irish energy management firm Vayu Energy, the average day-ahead price for wholesale gas is 1.73 cents per kilowatt hour. This compares to an average price of 2.33 cents per kilowatt hour in November 2014.
According to Vayu the decrease in prices is due to a surge in the supply of wholesale gas from Norway, which has reached near-record levels, and milder weather conditions compared with last year.
Meanwhile, the average wholesale price of electricity during November was found to be 4.59 cents per kilowatt hour (c/kWh), a drop of 21pc. The drop in prices is attributed to strong wind generation and lower prices for gas, which is the main energy source used to generate electricity in Ireland.