Gas falls for eighth week to bring price down 66% this year

The price of under €25 for wholesale gas is down from €30 in the past week, and means European natural gas prices have completed their longest run of weekly declines since 2007. Picture: iStock

The price of European wholesale gas fell again in late trade today, pointing the way to significant cuts in the coming months for utility bills for households and businesses, if the price cuts are passed on.

The price of gas for delivery in June fell below €25 per megawatt hour, completing a huge slide this week in the key benchmark prices for gas used to power large amounts of electricity on the all-Ireland grid.