Gas and electricity trading prices return to normal levels

Gas and electricity trading prices return to normal levels

The latest Bord Gáis Energy index shows gas and electricity prices have started to trade at more normal levels as they continue to drop from the record highs that were recorded earlier in the year.

The index now stands at 136, which is 2% on the same time last year.

The latest reports shows a 1% fall in coal and electricity last month despite an increase in the price of Brent crude oil.

John Heffernan, a power trader at Bord Gáis Energy, says markets are very changeable worldwide.

"We were quite surprised earlier this month when we saw events in Egypt," he said.

If something like that were to happen again in another country in the Middle East or north Africa, we could see oil prices spike. I think the markets are very spooked at the moment.

"I think oil prices should be lower than what they are eight now, but geopolitical concerns are outweighing the other factors which should be driving oil prices down."

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