The cost of electricity is reported to have fallen to a minus figure for the first time for a 30-minute trading period on the night of September 21.
For this period, the spot price of electricity was minus €88 per megawatt, according to Vayu, a company which supplies electricity and gas to businesses.
The market price for electricity is set on a half-hourly basis and the method for calculating it has been in operation for three years since the creation of the all-island single electricity market. In these three years, this is the first time that a negative figure has occurred, according to Vayu.
The fall was due to a combination of low demand and high wind energy generation. The negative price will not affect most consumers, though Vayu says it will be paying its customers for energy they consumed during that period.
