Electricity, gas prices fall 11pc amid strong supplies

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Shawn Pogatchnik

Wholesale prices of gas and electricity in Ireland both declined by 11pc last month because of increased Norwegian gas deliveries to UK hubs and a 12pc hike in generation at Irish wind farms, according to energy-supply experts Naturgy.

Their monthly 'Energy Review and Forecast', published today, said the arrival of warm summer weather in Ireland and the UK was likely to reduce gas consumption and keep prices stable, if not lower, in July.

It noted Britain received more natural gas from Norway in the first six months of 2019 than for the whole of 2018.

"Sentiment in the market is expected to turn more bearish than neutral," said Naturgy energy analyst Lauren Stewart.

The report said wind generation provided 26pc of Ireland's electricity in June to supplement more expensive forms of generation - chiefly peat, gas and coal.

Naturgy supplies gas, electricity, renewables and energy services to industry and business in Ireland and the UK.