Electricity prices soar by third over year
IRISH wholesale energy prices have registered significant year-on-year increases, with gas and electricity up 9pc and 33pc respectively, according to the latest Naturgy Energy review.
The monthly review and forecast also shows that electricity prices have increased by 12pc on a month-on-month basis, "due to the intermittency of wind on the system", which is down some 9pc from the previous month.
The review by Naturgy, which supplies 20pc of Ireland's largest natural gas business users, also showed that Irish wholesale gas decreased by 1pc on average compared with November last. That stabilisation has been attributed to mild winter temperatures and security of supply.
"While energy prices have shown significant growth year-on-year, a recent convergence of events of temperatures above seasonal norms, high levels of storage and falling oil prices have meant gas prices remain bearish," said Lauren Stewart, Naturgy Energy Analyst. "Meanwhile, electricity prices are seeing a steady increase. However, as the Integrated Single Electricity Market (I-SEM) completes its third month of trading, we expect the system to further embed itself in the market and further increase competition."