Belfast Telegraph

Wholesale price for gas and electric well below 2018 levels


Big impact: Lauren Stewart of Naturgy Energy
Big impact: Lauren Stewart of Naturgy Energy

By Staff Reporter

Northern Ireland's wholesale gas and electricity prices have fallen by 49% and 26% respectively over the past year, according to a new report.

The Naturgy Energy Review and Forecast showed wholesale gas prices fell 11% over the past month, while electricity prices registered a decrease of 8%.

Planned maintenance on a number of Norwegian pipelines responsible for delivering gas into key European energy hubs - such as Germany and the Netherlands - meant that deliveries into the UK were far higher than normal.

The 8% monthly fall in electricity prices left an average of 3.89 p/kWh for the month.

Although wholesale electricity prices were low overall, the report found some volatility this month due to intermittent wind generation on the system.

As a result, the system called upon more expensive forms of power generation like coal, gas and peat to meet demand.

Industry expert Lauren Stewart, from supplier Naturgy Energy, said: "With the summer weather finally arriving towards the end of June, and with higher than normal temperatures expected to continue into July, sentiment in the market is expected to turn more bearish than neutral.

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"As always, wind generation has a big impact on electricity prices which increased by 12% compared to last month.

"Renewables made up 26% of the overall fuel mix for the month.

"However, there was some volatility in the market with several outages across the country including in Ballylumford and Moneypoint," she added.

Belfast Telegraph