Wholesale gas prices slide 3% keeping up pressure on energy firms to cut utility bills

Irish energy firms will continue to face scrutiny on how quickly they pass on dramatic fall in wholesale markets

SSE Airtricity, one of the biggest energy providers with around 750,000 customers in the Republic has confirmed plans for a further round of price cuts. Picture: Stuart Boulton

Pressure on Irish electricity and gas firms to announce further major price cuts for households and businesses increased on Tuesday as European wholesale gas prices tumbled by 3% in the trading session. 

Prices of wholesale gas, which is a key fuel that is used to generate significant amounts of power on the all-Ireland electricity grid, traded on futures markets at below €35 per megawatt hour, as mild winter weather on the continent cut heating demand, while huge storage capacity of the fuel remains at near record levels for the time of year.