Wholesale gas tumbles to €30 ratcheting up pressure on Irish suppliers to cut bills

The €30 per megawatt per hour price reached late on Thursday evening compares with the record price of over €300 hit in July last year

The mild European winter meant there was little disruption for major industrial users of gas such as Germany for its major car and chemicals industries. 

The price of European wholesale gas slumped below €30 for the first time since June two years ago, in a stark reversal of last year’s market record prices that led to huge spikes in household and business electricity and heating bills. 

The sharp falls, which have accelerated in the past two weeks, will put further pressure on Irish power generators and suppliers to quickly pass on the reduction in their wholesale costs to their household and business customers.