Gas prices in July were 18% lower than their yearly average and 41% cheaper than they were last winter, according to the latest Vayu Energy Report.

The report says weak sterling has driven gas prices down in the last year.

Looking ahead, Vayu says gas prices for this winter are at one of the lowest points seen this year, with wholesale gas prices for October 2017 to March 2018 over 7% cheaper than wholesale prices for the same period last year.

However, a 45% drop in the contribution of wind power into the supply mix saw electricity prices rise by 10% in July.

Vayu Senior Energy Analyst Keith Donnelly said while "there’s volatility in the market, prices during the summer have again shown the value available to Irish businesses when they take the right strategy for their energy budget.

"Gas users can expect their July bills to be up to 25% cheaper than the first quarter of the year.

There is potential to continue the good news story into winter-17.

"Prices are trading close to yearly lows and are 7% cheaper than last year’s outturn

"If you look at your gas requirements in conjunction with the current strength of the euro, there may not be a better time to look at your future needs."