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Weak sterling sees drop in gas prices

Weak sterling has continued to push down gas prices for Irish businesses.

The Vayu Energy Report, published this morning, shows wholesale gas prices are now at levels not seen since 2016.

The wholesale price of gas for the key period of October 2017 to March 2018 is more than 7pc cheaper than during the corresponding period from 2016 to 2017, according to the report.

While the market price in sterling terms has fallen since the peak in February, it is still above rates seen last year, noted the report.

But wholesale power prices rose in July, as the contribution of wind energy to the national network slumped compared to June.

Total wind generation capacity in Ireland now stands at 3,736 MW.

Wind energy has accounted for about 15.4pc of overall electricity generation on the island of Ireland so far this month, reaching a peak of 2,487 MW on July 15.

That peak generation had the potential to meet 62pc of total electricity demand on the island of Ireland at that time.
“Gas users can expect their July bills to be up to 25pc cheaper than the first quarter of the year,” according to Vayu senior energy analyst Keith Donnelly.

“There is potential to continue the good news story into winter 2017,” he added.

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