Wholesale gas prices slide to late 2021 levels increasing scrutiny on Irish energy firms

Prices tumbled to December 2021 levels with wholesale gas trading below €33 per megawatt on Friday

The €33 per megawatt wholesale price traded on Friday compares to the record €305/MW wholesale gas price last February. Stock picture

Wholesale gas prices have tumbled to their lowest level since mid-December 2021, increasing the scrutiny on energy generators and suppliers to cut Irish utility bills in the coming weeks.

The price of wholesale gas traded at below €33 per megawatt hour late on Friday, marking an extraordinary turnaround in prices since Russia's invasion of Ukraine in February 2022, which helped drive spot market gas to a record of over €305 per megawatt by last summer.