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Power prices plummet in Ireland

Recent adjustments in the short term power market price forecast for Ireland by Cornwall Insight indicate a notable decrease of over 18% for 2024

A recent update on Ireland’s power market reveals a significant 18% drop in price forecasts for 2024.

According to Cornwall Insight, this reduction is tied to higher-than-expected gas reserves in the EU, easing concerns about winter shortages and leading to lower energy costs.

The data, part of Cornwall Insight’s 2023 forward curve, indicates a €34 (£29.2) per MWh decrease from the previous quarterly forecast.

Despite this positive change, Europe’s increased reliance on liquified natural gas (LNG) due to sanctions on Russian imports is expected to keep Irish energy prices above historical averages.

Looking forward, the mid-term outlook suggests prices will continue to decrease as Ireland aims for 80% renewable energy by 2030, phasing out more expensive fossil fuel technologies.

However, a projected increase in demand from data centres and the shift to electric power in various sectors is expected to drive prices up again in 2029, maintaining them above pre-2021 averages until the end of the decade.

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