Prices on the wholesale electricity market fell again in May, according to the latest figures from the Single Electricity Market Operator (SEMO) which runs the all-island market for electricity.

The daily average traded price of electricity per megawatt hour in May was €105.21, down 27% on May last year.

In the year so far to the end of May, the daily average is down 32% to €139.49 compared to the same five month period last year.

The daily average fell by 16% in May compared to April.

Domestic electricity bills have largely remained unchanged since a series of price increases last year. Energy companies have said price hedging decisions have shielded customers from the full extent of increases in wholesale markets over the past two years.

Today's inflation figures from the CSO show domestic electricity bills are 35% higher than they were a year ago.