Wholesale energy prices fell 52% on average in October to €136.27, the lowest since August 2021 via IrishTimesBiz
It was the sharpest monthly fall in prices in since they started rising in summer 2021 on fears of a post-Covid supply squeeze, exacerbated by the subsequent invasion of Ukraine by Russia. Prices have now fallen for two months in succession from a high of nearly €400 per megawatt hour in August.
But chief executive Noel Cunniffe said Irish consumers would be vulnerable to volatile electricity prices as long as the State continues to rely on fossil fuel for power generation. “Long-term electricity prices in the first half of next year are still very high which reflects the belief in the market that the price of gas will rise again as the weather turns colder and European gas storage levels start to fall.”
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