Wholesale gas prices were 37% lower in May compared with the same month last year, according to Vayu Energy's newly-published wholesale Energy Market Report.

A general over-supply of gas in Europe, as well as lessening demand due to mild weather, were cited as the key reasons behind the price drop.

Despite the weakened market, prices did go up 3% from April, chiefly due to unplanned outages in the North Sea.

Irish gas prices have also been impacted by a weakening in the value of the euro against the sterling – the majority of our natural gas comes from the UK. 

The average wholesale price of electricity in Ireland is down 30% so far this month, compared with May 2015.

The growing use of renewable energy sources have been a significant factor in lowering prices.