Wholesale gas prices plummet 66% on strong renewable generation

Wholesale gas prices were 66 per cent cheaper in September than the same month in 2018, while electricity prices were also down significantly, helped by strong renewable energy generation, a review by energy supplier Naturgy has found.

Electricity prices were down almost 40 per cent on the year and dropped 3 per cent over the past month, while gas prices were down 10 per cent on the month.

Naturgy analyst Lauren Stewart said robust supplies of gas, high wind generation and strong output from renewable generators all contributed to the drop in prices.

“Gas storage stocks and healthy supply in the UK are having a positive impact on prices for Irish businesses. Gas storage stocks are currently almost 100 per cent full, which is unusual for this time of year and a positive situation to be in as we head into the winter months,” she said.

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Liquefied natural gas deliveries into the UK are also expected to pick up this month, which is expected to soften prices in the near future.

Where electricity is concerned, average wind generation in September was marginally higher than the previous month helping prices fall further. Ms Stewart said that “wind has now a much bigger influence on the price of electricity than ever before”.