Gas and electricity prices decrease

Wholesale gas and electricity prices have tumbled over the past year on the back of increased supplies and lower demand, according to a new report.

Wholesale gas prices are down 30% compared with May of last year and wholesale electricity prices are down 12% over the same timeframe. Moreover, the weakness in wholesale prices is likely to remain into next month, according to a report compiled by the energy trading firm Vayu.

The report finds that the mild weather conditions so far this year have caused a big drop off in demand compared with 2013. Moreover, greater supplies and storage of liquified natural gas to the UK has in turn increased the availability of gas to the Irish market.