Wholesale energy prices rise 14% in June as Covid-19 restrictions ease

The Bord Gáis Energy Index has now made double-digit gains for 2 months in a row.
Wholesale energy prices rise 14% in June as Covid-19 restrictions ease
The price of crude oil rose to $41.15 in June, according to the Bord Gáis Energy Index. File image

The Bord Gáis Energy Index increased by 14% in June as Covid-19 restrictions started to lift.

The index, which explores market developments and price movements in oil, gas, coal and electricity, has now made double-digit gains for 2 months in a row.

Gas and electricity prices rose by 9% and 10% respectively, while coal soared by 28% to close out June at a cost of $49.85 (€43.36) per tonne.

The price of crude oil rose to $41.15, marking a 77% increase in three months as lockdown restrictions eased and supply constraints affected the market.

The Bord Gáis Energy Index increased by 14% in June with all components of the index growing as the world slowly adapts to the new normal.

However, the index is still 40% lower on a year-to-date basis.

An analysis of the Irish energy market published in May showed energy bills are up to 20% higher in Ireland than in 2017, despite wholesale energy prices falling overall in that time.

Since 2017, SSE Airtricity has increased electricity prices by 16% and gas by more than 6%. Electric Ireland has increased electricity by 11.99%, though its gas prices are 0.6% cheaper than in winter 2017.

Flogas gas prices have soared by 27.9% since 2017 and the company has not announced a single reduction in that period, while Energia has increased electricity prices by 14.41% and gas prices by 5.12%.

Bord Gáis electricity prices have increased by 14.6%, though the company has announced two price cuts in the last nine months. Its gas prices are now 0.4% lower than in 2017.

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