Wholesale gas prices fell 9 per cent in October, but were still 47 per cent ahead of prices a year ago, according to a monthly review of the energy market by Naturgy.

The Naturgy Energy Review and Forecast for last month also finds that electricity prices increased by 3 per cent on the previous month, and were "50 per cent higher compared to October 2017".

"During the summer gas prices have been extremely volatile due to uncertainty in the pricing of other energy commodities and the depletion of storage levels from the harsh 2017/2018 winter" said Lauren Stewart, a Naturgy analyst.

“However, the wider energy complex has recently had a softening effect over winter contract prices. A weakening in carbon and coal markets resulted in gas prices for winter 2019 falling, “she said.