The energy index for June, from Bord Gáis, has recorded a drop for the month but no change in the year.

The index stood at 133 in June, the same level it was it in June 2011.

The power supplier tracks commodity prices worldwide every month and looks at the main factors influencing their movements.

The index remains relatively unchanged over the past year despite a big fall in the price of Brent crude over the past few months.

That fall is reflected in June's Index, where a 7% drop in prices was recorded.

The oil element of the index was down 6% to 141 as the price of a barrel of oil recorded its third month of decline in a row. The economic fallout for the ongoing European debt crisis created a bout of risk aversion which rattled the markets in June and drove prices to an 18 month low at one stage during the month.

But despite the recent price falls, the average price of a barrel of Brent crude oil this year is over $113, which the International Energy Agency had said is very high in historical terms.

The natural gas element of the index was down 5% to 193 in June, despite a number of unplanned outages and strike by 700 platform workers in the North Sea over pension contributions. The summer months also see reduced demand for gas.

Bord Gáis also saw a 4% fall in the coal element of the energy index, which now stands at 117. European goal prices have now fallen over 20% in euro terms over the past year. It noted that after the increase of shale drilling in the US, utilities in theUS are now burning more gas and are relying less on coal to produce electricity.

The electricity element of the index fell by 8% to 109. Bord Gáis said that as the majority of power produced on the island of Ireland is generated by burning gas, a 5% fall in the monthly wholesale UK gas price in euro terms put downward pressure on the cost to produce electricity last month.

John Heffernan, power trader with Bord Gáis Energy, said that despite falls in oil, coal and UK gas prices over a 12 month period commodity price falls in euro terms have not fully materialised for euro zone buyers due to the weakness of the euro against the dollar and sterling.

He noted that volatility in the price of oil continued in June and it became evident that oil's ability to trade on its own fundamentals has been overshadowed by the European financial crisis.

''Looking forward, prices do have the potential to fall back to the lows seen in June given the healthy oil supply picture and slower global growth, particularly in China'', he said.

''However, the outlook is far from certain, given that the Chinese authorities have the means and the motivation to stimulate economic growth and that Iran's reaction to the EU's sanctions after July 1 is unknown at this point,'' he said.

''Spare production capacity remains low by historic standards and any growth in demand in the second half of 2012 could put demand on prices'', according to John Heffernan.