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Irish power prices drop

New projections suggest a significant drop in Irish power prices for the fiscal year 2024-2025, with an anticipated 14% decrease from the previous year's average of €106 per MWh to €91 per MWh

New forecasts from Cornwall Insight indicate a notable reduction in Irish power prices for the 2024-2025 fiscal year, with expectations of an average decrease from €106 (£90) per MWh in the previous fiscal year to €91 (£77) per MWh.

This projection marks a 14% decline, attributed largely to ample gas reserves and a mild winter across Europe.

Cornwall Insight’s ongoing monitoring of power price trends suggests a steady decline in forecasts over recent months, driven by favourable conditions in the European gas market.

The surplus of gas stocks has alleviated the need for extensive injections to meet summer demands, consequently contributing to the downward trajectory of gas prices.

Despite the positive outlook, Ireland’s energy market remains susceptible to global dynamics, particularly with increased reliance on liquified natural gas shipments following sanctions on Russian imports.

This reliance may keep Irish power prices above historical averages despite the anticipated decrease, according to the report.

Looking ahead, projections indicate medium-term stability with prices expected to fluctuate between €90 (£77)/MWh and €100 (£85.5)/MWh.

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