Belfast Telegraph

Northern Ireland wholesale prices drop for gas and electricity

By Staff Reporter

Wholesale gas prices in Northern Ireland have fallen by 2% over the last four weeks - but remain more expensive than this time last year, according to a report.

The monthly energy report by supplier Vayu said that while September had been expensive for energy prices due to supply problems, prices in October had been better value.

For October, the average day ahead price for gas was 45.23p per therm, compared to 42.97p in October 2016.

Keith Donnelly, Vayu senior energy analyst, said: "October and the 2017/18 gas year began with massive gains on the prompt market as prices rose by 9% followed by a further 4% on the opening two days of the month.

"However, if you looked past the dramatic figures, it becomes clear it was a market correction following unsupported losses on the final trading day of the 2016/17 gas year.

"Gains continued through the opening week of the month, driven by fluctuations in Norwegian supplies due to maintenance, an all too similar story over the last number of months. When Norwegian supplies returned, prices fell off by 8% to 10%.

"Since then prices have remained fairly consistent, on a slow and steady upward trend."

And he said prices would continue along the same pattern, with temperatures above seasonal norms.

Meanwhile, he said the wholesale price of electricity was down 17% on a year ago, and was 3% lower than last month.

Wind energy had accounted for around 34% of overall electricity generation in Ireland in October, compared to 28% in September. Wind generation peaked on October 21, when it had potential to meet 63% of total electricity demand in Ireland.

Belfast Telegraph

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