Since the inception of the (SEM) Single Electricity Market, the Irish energy market has witnessed dramatic change. About 45% of fuel used to generate electricity in Ireland is gas based. Ireland imports around 90% of its total natural gas needs from the UK.
In 2009, 45% of the natural gas used in the UK was imported, and this figure is expected to reach 69% by 2019. This growing dependence on imports poses a potential risk to the security of the UK’s gas supply.
Ireland is fully exposed to European and global price volatility. There are a very large number of factors that affect wholesale gas prices from day to day from trader sentiment to geo political to LNG & oil supply constraints. As a result wholesale gas prices in the Irish & UK market change on a daily basis and in turn Electricity supplier contract price offering vary from week to week.
Intune Energy constantly monitor the key drivers affecting wholesale electricity prices and will make informed recommendations to our clients based on prevailing market conditions.
