Energy prices fell by 5 per cent in April as a steady supply of gas to the UK, coupled with falling demand weighed on wholesale gas prices generally.
The latest Bord Gáis Energy Index - a measure of electricity, coal, gas and other energy prices - dropped eight points to 133 month on month.
The drops comes despite the ongoing threat to European gas supplies emanating from the Ukraine crisis.
Ukraine is the world’s largest transit country for gas supplies.
Fears over the supply did push prices up during the month but overall wholesale gas prices fell 11 per cent on the back of falling seasonal demand, the report indicated.
John Heffernan, trader with at Bord Gáis Energy, said: “The crisis in Ukraine dominated the energy agenda in April but the apparent threat to European gas supplies eased with a de-escalation in tensions.”
“As a result, wholesale gas price movements in the UK were influenced by falling demand and a significant storage overhang as a result of the mild weather.”
This month’s index saw a fall in the wholesale electricity price, which fell 14 per cent, due again, in part, to softer gas and carbon prices.
Meanwhile oil prices continued to trade in a narrow range of between $105 and $110 as several geopolitical events that supported prices were offset by steady global production.
