Irish wholesale gas prices in May are down 37 per cent year-on-year, despite a slight rebound over the past month, according to a Vayu Energy report.

Despite the overall weakness in the market, prices increased by 3 per cent in May compared to April due to unplanned outages in the North Sea and colder weather spells during the month.

A recent weakening in the euro against sterling has also resulted in upward pressure on Irish wholesale gas prices, given that the majority of natural gas consumed in Ireland is sourced from the UK wholesale gas market.

The company, which supplies gas to a fifth of the industrial and commercial market, said the over-supply of gas in Europe and lower demand prompted the annual fall. Prices are 41 per cent lower compared with the average monthly price for May in the previous three years.