Wholesale energy prices rise 14% in June as Covid-19 restrictions ease
The Bord Gáis Energy Index increased by 14% in June as Covid-19 restrictions started to lift.
The index, which explores market developments and price movements in oil, gas, coal and electricity, has now made double-digit gains for 2 months in a row.
Gas and electricity prices rose by 9% and 10% respectively, while coal soared by 28% to close out June at a cost of $49.85 (€43.36) per tonne.
The price of crude oil rose to $41.15, marking a 77% increase in three months as lockdown restrictions eased and supply constraints affected the market.
The Bord Gáis Energy Index increased by 14% in June with all components of the index growing as the world slowly adapts to the new normal.
However, the index is still 40% lower on a year-to-date basis.
An analysis of the Irish energy market published in May showed energy bills are up to 20% higher in Ireland than in 2017, despite wholesale energy prices falling overall in that time.
Since 2017, SSE Airtricity has increased electricity prices by 16% and gas by more than 6%. Electric Ireland has increased electricity by 11.99%, though its gas prices are 0.6% cheaper than in winter 2017.
Flogas gas prices have soared by 27.9% since 2017 and the company has not announced a single reduction in that period, while Energia has increased electricity prices by 14.41% and gas prices by 5.12%.
Bord Gáis electricity prices have increased by 14.6%, though the company has announced two price cuts in the last nine months. Its gas prices are now 0.4% lower than in 2017.
