Gas and electricity prices to rise ‘only slightly’

All-Ireland electricity prices will likely rise only slightly this year, after falling sharply in 2016, a supplier to the Irish market has predicted.

Gas prices will also likely tick slightly higher despite storage and stocks only recovering by the spring, said Keith Donnelly, analyst at Vayu Energy, of Spanish utility Gas Natural Fenosa which also supplies industrial and commercial customers in the UK and the Netherlands.

Opec’s pledge to curtail supply will, however, remain a key factor in determining Irish power and gas prices this year, Mr Donnelly said.