Wholesale gas prices have dropped lately, which may lead to reduced energy costs for consumers. ESB's CFO, Paul Stapleton, noted that Electric Ireland has already cut prices, resulting in significant cumulative reductions. While SSE Airtricity plans to increase prices due to higher network charges, Electric Ireland currently has no intention to raise its prices. The decrease in gas prices is linked to supply-demand dynamics and geopolitical factors like the situation in Ukraine, reflecting a potentially positive trend for consumers in upcoming months.
If that trend continues, then that will be positive for customers and positive for retail prices over time." - Paul Stapleton, ESB CFO.
The month-ahead wholesale prices of gas has fallen about 20pc since the start of the year.
Certainly some of the reduction in recent weeks may be attributable to what might be seen as a more positive outlook on the Ukraine situation.
The current trend is positive, but the situation has to be kept under review." - Paul Stapleton.
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