Despite a rise in the wholesale price of both gas and coal in September, the monthly Bord Gáis Energy Index fell 3% to stand at 135 thanks to a $12 fall in the international price of a barrel of oil.
However, this fall was offset by a depreciation of the euro against the dollar and the index still reads 21% higher than it did a year ago.
During the month, oil prices fell steadily as fears of a second global economic slowdown grew. The oil element of the index was down 4% but the fall in prices was offset by a 7% depreciation of the euro compared to the dolllar.
The natural gas element of the index rose by 4% as a result of the traditional September maintenance of field, pipelines and other parts of the natural gas infrastructure. Unseasonably warm temperatures also resulted in weaker demand.
Bord Gáis said the coal element of the index rose by 4%, with sporadic demand in Europe due to relatively high stock levels across the continent.
Electricity prices fell last month with this part of the index down 1%. Prices fell despite the increase in fuel costs, which were offset by an increase in wind output on the Irish grid.
''The threat of a global economic slowdown due to the Greek debt crisis, concerns around a number of European banking institutions and weak economic data recorded in the US, sparked the steady fall of oil prices in September,'' commented energy trading analyst Michael Kelleher.
''The index will continue to be influenced by macro-economic issues and concerns of a second global recession in three years,'' he added.
