Index up 8% despite oil fall

Falling oil prices have curtailed increases to the Bord Gáis Energy Index for October which is still up 8% year-on-year despite a 2% fall in October.

As a result, the Bord Gáis Energy Index now stands at 148, an increase of 8% on Oct 2011.

Power trader at Bord Gáis Energy John Heffernan said despite falling Brent crude oil prices over the last two months, the future for oil prices is far from certain. He believes the markets are concerned about the impact looming tax increases and reduced government spending would have on the US and the global economy.