Energy prices should continue...


Energy prices should continue to fall in the second half of this year

Clodagh McKeon
Clodagh McKeon

01:20 23 Apr 2024

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Electricity prices fell by over 40% in the past year.

electricity. Image shows two lightbulbs with a €50 note folded into a paper aeroplane between them.

It's predicted energy prices could continue to fall in the second half of this year.

Figures from the Central Statistics Office show wholesale electricity prices fell by over 40 per cent in the past year.

The wholesale cost is now 87 euro per megawatt, which is still one if the highest rates in Europe.

Dr. Aoife Foley, chair of Net Zero at the University of Manchester, says there are a number of reasons for these price points.

She said: "We're at a pinch point with markets at the moment. If you look at the petrol or diesel all those prices continue to increase.

"Inflation, interest rates, that's all the risk at the moment and that's what's happening in the energy market. Of course the Ukrainian situation, the Middle East and the cost of living all that feeds into it."

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