Irish wholesale gas prices crash, falling by 45%

And they're expected to continue to fall...

Irish wholesale gas prices crash, falling by 45%

Andrew Milligan / PA

The wholesale price of gas has almost halved during the past year according to a new report.

Prices are 45% lower than they were in April 2015 - they fell by 6% in the last month.

The Vayu Wholesale Energy Market Report comes as Europe experiences a supply glut and euro values remain stable.

Supply from Russia and Norway has increased, and more liquefied natural gas is coming into Europe from the Middle East.

Senior Energy Analyst at Vayu, Gillian Lawlor commented on the figures, "For the most part prices have been trading sideways recently, however, this week there has been an increase in spot and future gas contracts, as a 22% increase on Brent crude since the start of the month makes itself felt."

"With weather becoming more of a factor from the end of April onwards, and a gradual increase in liquefied natural gas deliveries expected during Q2, prices are expected to fall from where they are now," she continued.