Thu, 28 Sep 2023

Ireland gas prices slide 15% in past week as crisis eases

Robert Besser
30 Jan 2023, 03:46 GMT+10

DUBLIN, Ireland: Ireland's consumer energy prices dropped 15 percent last week, the result of warm weather and full stocks of natural gas.

Further, electricity prices fell to 55.75 euros per megawatt hour, compared to 77 euros in early December.

Additionally, warmer temperatures are predicted throughout Ireland next week, which will continue to reduce pressures on gas inventories.

"Europe won't be running out of gas anytime soon," said Stefan Ulrich and Arun Toora, Bloomberg analysts, in a research note.

"Europe is currently on track to procure more than enough gas to fully replenish its stocks by the end of September, with the uncertainties ahead seemingly manageable in scale," they added.

The drop in demand and sufficient gas stockpiles have kept Europe's gas stockpiles far above seasonal averages. Slumping fuel prices have also been attributed to a lessening of inflation.

Adding to Ireland's optimism about energy supplies are reports that a previously closed export terminal in the US plans to resume shipments later this quarter.

The closed terminal, Freeport LNG, has finished repairs after an explosion last summer and is expected to begin operations shortly. Prior to closing, the plant accounted for 15 percent of US liquefied natural gas shipments.

The terminal is expected to reopen in March.

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