Wholesale energy prices see big annual falls - Vayu report

Monday 26 May 2014 09.00
Falling demand and increased supply has pushed wholesale prices lower
Falling demand and increased supply has pushed wholesale prices lower

Wholesale gas prices are 30% lower than in May 2013, according to a market report by energy supplier Vayu.

The lower price is due to a fall in demand in recent months, as well as an increase in the level of liquefied natural gas being shipped by some suppliers.

According to Vayu, the level of gas stored in Britain is substantially higher than at the same point of last year. As a major supplier of gas to Ireland, this has a direct impact on wholesale prices here.

Meanwhile, average wholesale electricity prices were 12% lower than in May 2013 at 5.41c per kilowatt hour.

This came as the amount of wind energy being generated increased, creating enough power to cater to 23% of the country’s demand during the month.