Wholesale price of gas and electric in Northern Ireland decreases in August
Wholesale gas and electricity prices in Northern Ireland decreased by 55% and 25% respectively in August compared to the same period last year, according to new figures.
The latest Naturgy Energy Review and Forecast said that wholesale gas prices fell by nearly 5.2% on a month-by-month basis, while electricity prices registered a decrease of 6%.
It said the review shows that while August was another somewhat volatile month for the trading of wholesale gas, strong wind output and warmer temperatures helped alleviate pressure coming from supply issues due to planned and unplanned outages at a number of key facilities.
Naturgy energy analyst, Lauren Stewart, said: "With wind output expected to remain low in the near future and with reduced Norwegian imports and LNG (liquid natural gas) vessels, there is the potential for some upward pressure on prices as we head into the winter period."
With regard to electricity, she said: "August saw a healthy supply of renewable electricity to the system which accounted for 31% of generation. This is up 46% on the July average and coupled with falling carbon and gas prices contributed to the month on month decline in prices."
Naturgy, formerly known as Vayu, is an industry expert on gas and energy supply. It supplies natural gas, electricity, renewables and energy services to the industrial and commercial market in Ireland and the UK.
The Naturgy Energy Review and Forecast is a proprietary market review and forecast for Ireland's wholesale gas, electricity, wind energy and market pricing. The review, issued monthly provides an in-depth analysis.
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