Business

Dramatic falls reported in gas and electricity prices in Ireland

Wholesale gas prices are now 43 per cent lower than the same period a year ago
Gareth McKeown

WHOLESALE gas prices fell by over 40 per cent last month in comparison to the same period a year ago, new figures show.

The latest Naturgy Energy Review and Forecast has revealed significant reductions in the price of both gas and electricity.

Gas prices fell by 43 per in May compared to the same month in 2018, while a 17 per cent fall was reported in the cost of electricity, averaging 4.26p/kWh for May.

The report further shows that wholesales gas prices fell by 4 per cent in May compared to the previous month, while electricty prices registered a slight increase (0.5 per cent) over the same period.

Naturgy Energy analyst, Lauren Stewart described May as a "month of two halves" for trading on wholesale gas markets, with prices fluctuating over the month.

In relation to electricity she said prices are still tracking their downward trajectory from the previous year

"Electricity prices remained neutral for most of the month, gaining just 0.5% from April; however, significant gains were seen in the week of 22 May," Ms Stewart added.

Overall wind generation was down 39 per cent month on month, according to the figures, while it was confirmed that wind energy in the first three months of the year accounted for over a third (37 per cent) of Ireland's electricity supply. This represents a slight increase on the previous year (35 per cent). Ireland's wind farm capacity is now 3,700 MW, an increase of 12 per cent from the start of 2018.

Established in 2003, Naturgy supplies a fifth of Ireland's largest natural gas business users and launched its electricity supply business in 2007.

The monthly Naturgy Energy Review and Forecast is a proprietary market review and forecast for Ireland's wholesale gas, electricity, wind energy and market pricing.

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