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As EU gas stocks remain full, Ireland gas prices continue to fall

Robert Besser
29 May 2023

DUBLIN, Ireland: Ireland's homeowners and businesses expect to see still more reductions in the cost of natural gas as the price of European wholesale gas fell again last week.

In the past week, the price for wholesale natural gas fell from 30 euros to below 25 euros per megawatt hour.

The last time gas prices fell so dramatically in Ireland was 2007.

Natural gas prices have now declined by 66 percent in Ireland, having fallen for eight consecutive weeks.

The price of below 25 euros compares with natural gas costing 306 euros per megawatt hour only last summer, after Russia stopped deliveries to Europe.

After the Russian cutoff, the EU was able to re-stock with the assistance of deliveries of US liquified natural gas.

Prices of gas have also fallen, though Europe has not shown signs of an overall economic recovery.

Of note, Germany finds itself mired in its first recession since the start of the Covid pandemic, depressing the economies of EU member states.

Still, officials have expressed concerns about gas supplies for next winter and have voiced uncertainty about continued deliveries from the US.

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