Electricity & Gas Prices In Ireland - Sustainable Energy Authority Of .
Electricity & Gas Prices in Ireland2nd Semester (July – December) 2016
ENERGY POLICY STATISTICAL SUPPORT UNIT
Electricity & Gas Prices in Ireland2nd Semester (July – December) 2016Report prepared byMartin Howley and Amanda BarriscaleEnergy Policy Statistical Support UnitJune 2017
2ENERGY POLICY STATISTICAL SUPPORT UNITSustainable Energy Authority of IrelandThe Sustainable Energy Authority of Ireland has a mission to play a leading role in transforming Ireland into a societybased on sustainable energy structures, technologies and practices. To fulfil this mission SEAI aims at providingwell-timed and informed advice to Government, and delivering a range of programmes efficiently and effectively,while engaging and motivating a wide range of stakeholders and showing continuing flexibility and innovation inall activities. SEAI’s actions will help advance Ireland to the vanguard of the global green technology movement, sothat Ireland is recognised as a pioneer in the move to decarbonised energy systems.Energy Policy Statistical Support Unit (EPSSU)SEAI has a lead role in developing and maintaining comprehensive national and sectoral statistics for energyproduction, transformation and end-use. This data is a vital input in meeting international reporting obligations,for advising policymakers and informing investment decisions. Based in Cork, EPSSU is SEAI’s specialist statisticsteam. Its core functions are to: Collect, process and publish energy statistics to support policy analysis and development in line with nationalneeds and international obligations; Conduct statistical and economic analyses of energy services sectors and sustainable energy options; Contribute to the development and promulgation of appropriate sustainability indicators. Sustainable Energy Authority of IrelandReproduction of the contents is permissible provided the source is acknowledged.
3ELECTRICITY & GAS PRICES IN IRELAND – 2ND SEMESTER (JULY – DECEMBER) 2016Key HighlightsThere are a number of factors that influence energy prices in Ireland which include, but are not limited to, imported fuelprices, energy infrastructure investment costs, electricity generating fuel mix and non-energy costs that affect energyprices (for example, taxes levied, employment costs, raw material and shipping costs).Ireland has one of the highest overall dependency of electricity generation on fossil fuels at 62%, behind Greece at71%, the Netherlands at 79%, Poland at 84%, Cyprus at 91% and Malta at 92%. Regarding gas dependency in electricitygeneration, Ireland has the second highest share behind Latvia at 50%.Business ElectricityThe weighted average price of electricity to business consumers in Ireland has been above both the Europe1 and EuroArea2 average3 since the second half of 2011. In the current semester (July to December 2016) the weighted averageprice in Ireland fell by 3.4% and was 7.8% and 1.8% above the EU and Euro Area respectively.Table 1 summarises the key changes for the electricity consumption bands for business in Ireland for the period July toDecember 2016 and compares with the changes across the EU and Euro Area.Table 1 Business Electricity Prices (ex-VAT) – 2nd Semester 2016Band (GWh)Share of businesselectricity in IrelandIA ( 0.02)IB (0.02 – 0.5)IC (0.5 – 2.0)ID (2.0 – 20)IE (20 – 70)IF (70 – .2%0.1%-3.4%-3.3%% change since last semesterEuropeEuro 1.8%2.8%4.7%Source: Eurostat and SEAIIreland’s ranking* forelectricity price in Europe6th7th6th8th9th9th* A ranking of 1 means most expensiveSince the last semester (January to June 2016), all consumption bands, experienced decreases in the price of electricityto business in Ireland with the exception of bands IA and ID. The changes in the price in this semester ranged from adecrease of 6.2% in band IC to an increase of 1.3% in band IA. The reductions were greater in Ireland in this semestercompared with the EU and Euro Area, except for band ID where price increased in Ireland. In terms of ranking, theconsumption bands IE and IF were the lowest ranking, at ninth most expensive in the EU and bands IA and IC were thehighest at sixth.Business GasSince 2013, the weighted average price of gas to business consumers in Ireland has fluctuated between the EU and EuroArea average. In the current semester it increased by 3.6% and was 9% above the EU and 5% above Euro Area.Table 2 summarises the key changes for the consumption bands in Ireland for the period July to December 2016 andcompares with the changes across the Europe and EU Area.Table 2 Business Gas Prices (ex-VAT) – 2nd Semester 2016Band (GWh)Share of businessgas in IrelandI1 ( 0.28)I2 (0.28 – 2.8)I3 (2.8 – 28)I4 (28 – 280)I5 (280 – 1,100)Source: Eurostat and .4%.% change since last semesterEuropeEuro %Ireland’s ranking* forelectricity price in Europe6th6h5th6th18th* A ranking of 1 means most expensivePrices increased in the all consumption bands in Ireland while prices fell in all consumption bands in the EU and Euro123Europe here includes all the European Union 28 countries plus Norway and Turkey.The Euro Area consists of those European Union countries which have adopted the euro as their currency, currently 18 member states.We present weighted average prices for Ireland together with simple average of the bands for the EU and the Euro Area. Although not fully comparable,they allow some insights to be given.
4ENERGY POLICY STATISTICAL SUPPORT UNITArea with the exception of band I5. In consumption band I3, price increased in Ireland by 3.4% while it fell in the EU andEuro Area by 4.7% and 3.1% respectively. Ireland was 20% above the EU average in band I2 and 7% below in band I5.Households ElectricityBetween 2011 and the end of 2015, the weighted average price of electricity to household consumers has been abovethe EU average. In the last semester it went below the EU average and remained below in this semester at 1.3% belowthe EU and 9.2% below Euro Area. The weighted average price of electricity to households in Ireland increased by 2.5%in the second half of 2016.Table 3 summarises the key changes for the electricity consumption bands for households in Ireland for the period Julyto December 2016 and compares with the changes across the EU and EU Area.Table 3 Household Electricity Prices (ex-VAT) – 2nd Semester 2016Band (MWh)Share of householdelectricity in IrelandDA ( 1.0)DB (1.0 – 2.5)DC (2.5 – 5.0)DD (5.0 – 15)DE ( 3.7%% change since last semesterEuropeEuro rce: Eurostat and SEAIIreland’s ranking* forelectricity price in Europe4th4th6th7th10th* A ranking of 1 means most expensiveThe price increased in all bands in Ireland except for band DE where it fell by 3.7%. Ireland was 14% and 3% above theEU average in DC and DD respectively and was sixth and seventh most expensive respectively in the EU in both bands.Households GasThe price of gas to household consumers in Ireland was below both the EU and Euro Area since 2009. In the currentsemester it was 6.5% and 17.8% below the EU and Euro Area respectively. The weighted average price of gas tohouseholds in Ireland increased by 4.5% in the second half of 2016.Table 4 summarises the key changes for the consumption bands in Ireland for the period July to December 2016 andcompares with the changes across the EU and EU Area.Table 4 Household Gas Prices (ex-VAT) – 2nd Semester 2016Band (MWh)Share of householdgas in IrelandD1 ( 5.6)D2 (5.6 – 56)D3 ( 56)Source: Eurostat and SEAI6.3%91.9%1.8%Ireland13.6%4.0%-1.6%% change since last semesterEuropeEuro Area11.3%13.2%2.3%5.6%-4.0%-1.3%Ireland’s ranking* forelectricity price in Europe12th7th6th* A ranking of 1 means most expensiveIn the main gas band, D2, the price increased in Ireland at a higher rate than the EU but lower than the Euro Area.Prices increased by 4.0% in Ireland compared with increases of 2.3% and 5.6% in the EU and the Euro Area respectively.Ireland’s ranking moved to 7th most expensive in the EU and was 7% above the EU average but 6% below the Euro Area.
5ELECTRICITY & GAS PRICES IN IRELAND – 2ND SEMESTER (JULY – DECEMBER) 2016Key DataBusiness Electricity Prices (ex-VAT) – 2nd Semester 2016BusinessElectricityBandShareIrelandc/kWhBand IABand IBBand ICBand IDBand IEBand IFWeighted .28.67.812.5Ireland relative to:EUEuro 08%102%Ranking* in:EUEuro Area667765869797-Semester price change:IrelandEUEuro ing in:EUEuro Area646454651811-Semester price change:IrelandEUEuro -3.6%-2.4%.1.4%2.8%3.6%-Source: Eurostat and SEAIBusiness Gas Prices (ex-VAT )– 2nd Semester 2016BusinessGasBandShareIrelandc/kWhBand I1Band I2Band I3Band I4Band I5Weighted 5Ireland relative to:EUEuro Source: Eurostat and SEAIResidential Electricity Prices (all taxes included) – 2nd Semester 2016HouseholdElectricityBandShareIrelandc/kWhBand DABand DBBand DCBand DDBand DEWeighted 622.6Ireland relative to:EUEuro king in:EUEuro Area44436576109-Semester price change:IrelandEUEuro .4%-3.7%-1.2%-1.7%2.5%-Ranking in:EUEuro Area12107564-Semester price change:IrelandEUEuro -Source: Eurostat and SEAIResidential Gas Prices (all taxes included) – 2nd Semester 2016HouseholdGasBandShareIrelandc/kWhBand D1Band D2Band D3Weighted Average6.3%91.9%1.8%-8.36.86.06.9Ireland relative to:EUEuro Area82%71%107%94%109%97%94%82%Source: Eurostat and SEAI*Note: A ranking of 1 denotes most expensive.EU here includes all the European Union 28 countries plus Norway and Turkey.The Euro Area consists of those European Union countries which have adopted the euro as their currency, currently 18 member states.Bands mentioned in the table refer to consumption bands defined in the Transparency of Gas and Electricity Prices Directive. The consumptionlevels for each band is shown at the start of sections 4.1, 4.2, 5.1 and 5.2 and in Appendix 1 – Electricity and Gas Prices in Ireland.
6ENERGY POLICY STATISTICAL SUPPORT UNITTable of ContentsKey Highlights3Key Data51Introduction92Factors Affecting Electricity and Gas Prices in Ireland342.1Global Energy Prices2.2Fuel Mix for Electricity Generation122.3Investment in Electricity and Gas Infrastructure132.4Share of Taxes in the Prices Paid by Consumers in Europe142.5Consumption Volume (Seasonal) Effect on Average Unit Price192.6Purchasing Power20Average Prices10213.1Average Electricity Price to Business213.2Average Gas Price to Business243.3Average Electricity Price to Households273.4Average Gas Price to Households28Energy Prices for Business4.1Business Electricity Prices4.1.14.25105.229Business Electricity Prices in Consumption Band IB294.1.2 Business Electricity Prices in Consumption Band IC344.1.3 Business Electricity Prices in Consumption Band ID374.1.4 Business Electricity Prices – EU Comparison414.1.5 Business Electricity Prices – Euro Area Comparison424.1.6 Disaggregation of Business Electricity Prices43Business Gas Prices454.2.1 Business Gas Prices in Consumption Band I3464.2.2 Business Gas Prices in Consumption Band I4494.2.3 Business Gas Prices – EU Comparison524.2.4 Business Gas Prices – Euro Area Comparison54Energy Prices for Households5.12955Residential Electricity Prices555.1.1Residential Electricity Prices in Consumption Band DC565.1.2 Residential Electricity Prices in Consumption Band DD605.1.3 Residential Electricity Prices – EU Comparison (in )635.1.4 Residential Electricity Prices – EU Comparison (in PPP)655.1.5 Residential Electricity Prices – Euro Area Comparison (in )655.1.6 Disaggregation of Residential Electricity Prices65Residential Gas Prices685.2.1 Residential Gas Prices – EU Comparison (in )695.2.2 Residential Gas Prices – EU Comparison (in PPP)745.2.3 Residential Gas Prices – Euro Area Comparison (in )74References75Appendix 1 – Electricity and Gas Prices in Ireland76Appendix 2 – Methodologies for Assessing Prices77
7ELECTRICITY & GAS PRICES IN IRELAND – 2ND SEMESTER (JULY – DECEMBER) 2016Table of FiguresFigure 1Crude Oil Price Trend 2007 – to 1 May 201710Figure 2Exchange Rates 2008 to 9 May 201711Figure 3Natural Gas System Average Prices (p and c/kWh) (Actual Day UK Balancing Point) 2009 – to 8 May 201711Figure 4Gross Electricity Generation from Fossil Fuels (excl. peat) in Europe (2015)12Figure 5Public Service Obligation Levy Cost Breakdown 2010 – 201715Figure 6Average Electricity Prices (ex-VAT) to Business – All Consumption Bands21Figure 7Average Electricity Prices (ex-VAT) to Business – Low Consumption Bands (IA, IB & IC)22Figure 8Average Electricity Prices (ex-VAT) to Business – High Consumption Bands (ID, IE & IF)23Figure 9Average Gas Prices (ex-VAT) to Business – All Consumption Bands24Figure 10Average Gas Prices (ex-VAT) to Business – Low Consumption Bands (I1 & I2)25Figure 11Average Gas Prices (ex-VAT) to Business – High Consumption Bands (I3 & I4)26Figure 12Average Electricity Prices (ex-VAT) to Households – All Consumption Bands27Figure 13Average Gas Prices (ex-VAT) to Households – All Consumption Bands28Figure 14Business Electricity Prices (ex-VAT) in Band IB (2nd semester 2007 to 2nd semester 2016)30Figure 15Percentage Change (national currency) in Business Electricity Price (band IB) – Semester and 12 Months32Figure 16Business Electricity Prices (ex-VAT) in Band IB Relative to EU and Euro Area33Figure 17Business Electricity Prices (ex-VAT) in Band IC (2nd semester 2007 to 2nd semester 2016)34Figure 18Percentage Change (national currency) in Business Electricity Price (band IC) – Semester and 12 Months36Figure 19Business Electricity Prices (ex-VAT) in Band IC Relative to EU and Euro Area37Figure 20Business Electricity Prices (ex-VAT) in Band ID (2nd semester 2007 to 2nd semester 2016)38Figure 21Percentage Change (national currency) in Business Electricity Price (band ID) – Semester and 12 Months40Figure 22Business Electricity Prices (ex-VAT) in Band ID Relative to EU and Euro Area41Figure 23Business Electricity Prices (ex-VAT) 2 Semester 201642Figure 24Disaggregation of Business Electricity Prices by Consumption Bands in Ireland44Figure 25Business Gas Prices (ex-VAT) in Band I3 (2nd semester 2007 to 2nd semester 2016)46ndFigure 26Percentage Change (national currency) in Business Gas Price (band I3) – Semester and 12 Months48Figure 27Business Gas Prices (ex-VAT) in Band I3 Relative to EU and Euro Area49Figure 28Business Gas Prices (ex-VAT) in Band I4 (2 semester 2007 to 2 semester 2016)49Figure 29Percentage Change (national currency) in Business Gas Price (band I4) – Semester and 12 Months51Figure 30Business Gas Prices (ex-VAT) in Band I4 Relative to EU and Euro Area52Figure 31Business Gas Prices (ex-VAT) 2nd Semester 2016Figure 32Residential Electricity Prices (all taxes included) in Band DC (2 semester 2007 to 2 semester 2016)56Figure 33Percentage Change (national currency) in Household Electricity Price (band DC) – Semester and 12 Months58Figure 34Residential Electricity Prices (all taxes included) in Band DC Relative to EU and Euro Area59Figure 35Residential Electricity Prices (all taxes included) in Band DD (2nd semester 2007 to 2nd semester 2016)60Figure 36Percentage Change (national currency) in Household Electricity Price (band DD) – Semester and 12 Months62Figure 37Residential Electricity Prices (all taxes included) in Band DD Relative to EU and Euro Area63Figure 39Disaggregation of Household Electricity Prices by Consumption Bands in Ireland67ndnd53ndndFigure 40Residential Gas Prices (all taxes included) in Band D2 (2 semester 2007 to 2 semester 2016)69Figure 41Percentage Change (national currency) in Household Gas Price (band D2) – Semester and 12 Months71Figure 42Residential Gas Prices (all taxes included) in Band D2 Relative to EU and Euro Area72Figure 43Residential Gas Prices (all taxes included) 2nd Semester 201673ndnd
8ENERGY POLICY STATISTICAL SUPPORT UNITTable of TablesTable 1Business Electricity Prices (ex-VAT) – 2nd Semester 20163Table 2Business Gas Prices (ex-VAT) – 2nd Semester 20163Table 3Household Electricity Prices (ex-VAT) – 2nd Semester 20164Table 4Household Gas Prices (ex-VAT) – 2nd Semester 20164Table 5Percentage of Gross Electricity Generation from Fossil Fuels (excl. peat) in Europe (2015)13Table 6Electricity Prices and Taxes for Industrial Consumers in Band IC (1st semester 2017)16Table 7Gas Prices and Taxes for Industrial Consumers in Band I3 (1st semester 2017)17Table 8Electricity Prices and Taxes for Residential Consumers in Band DC (1st semester 2017)18Table 9Gas Prices and Taxes for Residential Consumers in Band D2 (1st semester 2017)19Table 10Ratio of Semester 1 to Semester 2 Consumption Volume19Table 11Typical Household Consumption20Table 12Apparent Percentage Change in Unit Price Between S1 and S2 Based on Change in Consumption Volume20Table 13Average Electricity Prices (ex-VAT) to Business – All Consumption Bands22Table 14Average Electricity Prices (ex-VAT) to Business – Low Consumption Bands (IA, IB & IC)22Table 15Average Electricity Prices (ex-VAT) to Business – High Consumption Bands (ID, IE & IF)23Table 16Average Gas Prices (ex-VAT) to Business – All Consumption Bands24Table 17Average Gas Prices (ex-VAT) to Business – Low Consumption Bands (I1 & I2)25Table 18Average Gas Prices (ex-VAT) to Business – High Consumption Bands (I3 & I4)26Table 19Average Electricity Prices (all taxes included) to Household – All Consumption Bands27Table 20Average Gas Prices (all taxes included) to Household – All Consumption Bands28Table 21Categories for Business End-Use of Electricity29Table 22Business Electricity Prices in Band IB in Europe (S2 2014 – S2 2016)31Table 23Business Electricity Prices in band IC in Europe (S2 2014 – S2 2016)35Table 24Business Electricity Prices in Band ID in Europe (S2 2014 – S2 2016)39Table 25Business Electricity Prices (cents) in Ireland (2nd semester 2016) – EU Comparison41Table 26Ireland’s Ranking in EU for Business Electricity Prices (ex-VAT)42Table 27Business Electricity Prices (cents) (2nd semester 2016) – Euro Area Comparison42Table 28Disaggregated Business Electricity Prices 2nd Semester 201643Table 29Categories for Business End-Use of Natural Gas45Table 30Business Gas Prices in Band I3 in Europe (S2 2014 – S2 2016)47Table 31Business Gas Prices in Band I4 in Europe (S2 2014 to S2 2016)50Table 32Business Gas Prices in Ireland (2nd semester 2016) – EU Comparison52Table 33Ireland’s Ranking in EU for Business Gas Prices (ex-VAT)53Table 34Business Gas Prices in Ireland (2nd semester 2016) – Euro Area Comparison54Table 35Categories for Residential End-Use of Electricity55Table 36Residential Electricity Prices in Band DC in Europe (S2 2014 – S2 2016)57Table 37Residential Electricity Prices in Band DD in Europe (S2 2014 – S2 2016)61Table 38Residential Electricity Prices (cents) (all taxes included) in Ireland (2nd semester 2016) – EU Comparison63Table 39Ireland’s Ranking in EU for Residential Electricity Prices (all taxes included)6465Table 40Residential Electricity Prices at Purchasing Power Parity (2Table 41Residential Electricity Prices ( ) in Ireland (2nd semester 2016) – Euro Area Comparison65Table 42Disaggregated Residential Electricity Prices 2nd Semester 201666Table 43Categories for Residential End-Use of Natural Gas68Table 44Residential Gas Prices in Band D2 in Europe (S2 2014 – S2 2016)70Table 45Residential Gas Prices in Ireland (2nd semester 2016) – EU Comparison72Table 46Ireland’s Ranking in EU for Residential Gas Prices (all taxes included)73Table 47Residential Gas Prices (Purchasing Power Parity) (2nd semester 2016) – EU Comparison74Table 48Residential Gas Prices in Ireland (2nd semester 2016) – Euro Area Comparison7476ndSemester 2016) – EU ComparisonTable 49Business Electricity Prices – 2 Semester 2016Table 50Business Gas Prices – 2nd Semester 201676Table 51Residential Electricity Prices – 2nd Semester 201676Table 52Residential Electricity Prices (Purchasing Power Parities) – 2nd Semester 201676Table 53Residential Gas Prices – 2nd Semester 201676Table 54Residential Gas Prices (Purchasing Power Parities) – 2nd Semester 201676nd
ELECTRICITY & GAS PRICES IN IRELAND – 2ND SEMESTER (JULY – DECEMBER) 20169The fluctuations in energy prices over the past number of years are a key concern for all energy consumers in Ireland,as they impact on the rate of inflation and on competitiveness. Understanding the main contributing factors andthe precise impacts of energy price changes is of key importance in developing appropriate, sensible and measuredresponses from businesses, householders and policymakers. Comparing energy prices in Ireland with those of otherEU Member States and elsewhere is a particularly important aspect of any analysis of the impact of price changesand competition. This report seeks to inform that analysis and thereby increase the understanding of energy pricechanges in Ireland.This report draws on the results of the improved EU methodology for gathering energy price data that came intoeffect on 1 January 2008. The focus of the report is on the electricity and gas price data gathered under this improvedmethodology and on the period July – December 2016, i.e. the second semester of 2016 (S2 2016). Revisions toEurostat’s data have been incorporated into this report. Eurostat data presented in this report are as posted onEurostat’s website1 on 5 May 2017.Also included in this report is a disaggregation of electricity prices into the components of energy and supply,network costs, and taxes and levies for the second semester of 2016 (S2 2016). See Sections 4.1.6 and 5.1.6.Charts showing the percentage change in prices in the last semester and the last 12 months show the changein national currency rather than the euro values. This better reflects the actual price inflation in the individualcountries as it omits currency fluctuations.The report is structured as follows: Section 2 provides a context for the analysis, touching on global factors affecting energy prices and discussingsome characteristics that particularly impact on prices in Ireland; Section 3 presents weighed average prices for Ireland and for now simple averages for the EU and Euro Area. Section 4 focuses on electricity and gas prices paid by industrial and services (business) customers, informing thediscussion on impacts of energy price changes on business in Ireland; Section 5 focuses on price changes for residential customers, comparing prices for households in Ireland withthose of other EU Member States; Appendix 1 shows the average electricity and natural gas prices in the various consumption bands in Irelandduring the S2 2016.Six separate annexes are available in pdf from www.seai.ie/statistics detailing, for the latest five semesters, for allcountries and all consumption bands, the electricity and gas prices to business and residential consumers. There areseparate annexes for gas prices in GJ and kWh. Tables in the annexes show the ex-tax, ex-VAT and all-taxes-includedprices for all categories.SEAI acknowledges the cooperation of electricity and gas suppliers in providing the information necessary forIreland to comply with the EU Regulation (2016/1952)2 and enabling this analysis to be carried out.This is the eighteenth edition of this report focusing on energy prices. Feedback and comments on the report arewelcome and should be sent by post to the address on the back cover or by e-mail to epssu@seai.ie.Readers may also be interested in previous statistical analysis related to energy prices carried out by SEAI. Thereport Energy in Ireland 1990 – 2015 (2016 Report) tracks changes in aggregated energy prices from 2000, based onInternational Energy Agency (IEA) data, available from gal-content/EN/ALL/?uri uriserv:OJ.L .2016.311.01.0001.01.ENG1 Introduction1 Introduction
10ENERGY POLICY STATISTICAL SUPPORT UNIT2 Factors Affecting Electricity and Gas Prices in IrelandThere are a number of factors that influence energy prices in Ireland and how prices here compare with priceselsewhere. These factors include, but are not limited to, imported fuel prices, energy infrastructure investmentcosts, Ireland’s electricity generating fuel mix and non-energy costs that affect energy prices (for example, taxeslevied, employment costs, raw material and shipping costs).2.1 Global Energy Prices2 Electricity and Gas Prices in IrelandThe most significant factor affecting energy prices in Ireland is the instability of global oil prices which have showndramatic fluctuations in recent years. This has particular effect in Ireland due to our high dependence on oil. Inaddition there is the knock-on impact that oil prices have on other energy prices, in particular natural gas, and as aconsequence electricity prices.According to Ireland’s 20153 energy balance, oil accounts for 57% of Total Final Consumption (TFC)4 in Ireland, 97% oftransport TFC, 36% of residential TFC, 19% of industry TFC, 19% of services TFC and 48% of Ireland’s primary energysupply5. According to EU statistics6, Ireland’s oil dependence (as a proportion of primary energy supply) is the fifthhighest in the EU.Figure 1 tracks the nominal crude oil prices7 over the period 2007 – 2017. As shown in Figure 1, crude oil priceswere quite high between 2011 and 2014 following earlier volatility. From July 2014 the price fell steadily to reach 55/barrel by the end of December. The price of oil fell to a low of 46/barrel in January 2015 before reboundingsomewhat to 65/barrel in May but fell throughout the second half of 2015 to a low of 27/barrel in January 2016. Itincreased steadily throughout the first half of 2016 to just under 50/barrel at the end of June and remained at andaverage of 48/barrel for the second half of 2016.Figure 1150Crude Oil Price Trend 2007 – to 1 May 201714013012010090807060500Jul 2007Jul 2008Jul 2009Jul 2010Jul 2011Jul 2012Jul 2013Jul 2014Jul 20152016 S22016 S12015 S22015 S12014 S22014 S12013 S22013 S12012 S22012 S12011 S22011 S12010 S22010 S12009 S2102009 S1202008 S2302008 S1402007 S2Nominal Prices /barrel110Jul 2016Europe Brent Spot Price FOB ( /Barrel)Source: EIA8345678For the latest energy balance see www.seai.ie/statisticsTFC represents all energy that end-users are billed for directly.Primary Energy Supply is the TFC plus primary energy used in transformation (electricity generation, oil refining, peat briquetting, etc.)Eurostat, Energy Statistics Database, ase,These prices are daily spot prices of Brent crude oil, a widely used benchmark to price European, African and Middle Eastern oil that is exported to the West.The Energy Information Administration (EIA) is a statistical agency of the US Department of Energy that publishes price energy data at www.eia.doe.gov/emeu/international/contents.html
11ELECTRICITY & GAS PRICES IN IRELAND – 2ND SEMESTER (JULY – DECEMBER) 2016Figure 2Exchange Rates 2008 to 9 May 20171.8Sterling1.6Dollar1.21.02 Electricity and Gas Prices in IrelandEuro Exchange Rates1.40.80.60.40.20.0Source: Central Bank of IrelandFigure 2 tracks exchange rates from 2008 to 2017. These currency changes contributed to the changing cost of gasand subsequently electricity in Ireland. During the second half of 2016 the euro fell against the dollar by 1.6% onaverage but increased in value against sterling following the Brexit referendum by 10.3% on average compared withthe previous semester.Figure 3Natural Gas System Average Prices (p and c/kWh) (Actual Day UK Balancing Point) 2009 – to 8 May 20174Sterling3.5Euro3c/kWh2.522016 S22016 S12015 S22015 S12014 S22014 S12013 S22013 S12012 S22012 S12011 S22011 S12010 S22010 S10.52009 S212009 S11.50Source: National Grid UKFigure 3 shows the ‘actual day’ System Average Price for gas at the UK balancing point. This is the average price of
12ENERGY POLICY STATISTICAL SUPPORT UNITall gas traded via the On the Day Commodity Market (OCM) mechanism9. This illustrates the trend in the wholesaleprice of gas and the effect of the currency fluctuation on the price paid in Ireland.The price of gas fell steadily from February 2015 until September 2016, falling by 45% before increasing again byapproximately 42% by the end of the year. On average the price during the second semester of 2016 (S2 2016) was23% higher than the first semester of 2016 (S1 2016) in sterling terms and 11% higher in euro terms. Compared thesame semester in 2015 prices were 3.4% lower in sterling terms and 26% lower in euro terms.2.2 Fuel Mix for Electricity Generation2 Electricity and Gas Prices in IrelandThe fuel mix for electricity generation has a key bearing on the variation in the price of electricity in differentcountries. This is particularly significant with respect to an electricity fuel mix which relies on internationally tradedfuels such as gas, oil and coal. During periods of volatile price movements in these fuels there is a strong knock-onimpact on electricity prices. Other factors that affect electricity prices include the level of competition in electricitygeneration, labour costs, taxation policy and the level of investment in infrastructure (i.e. improving the transmissionand distribution networks).Figure 4 and Tab
ELECTRICITY & GAS PRICES IN IRELAND 2ND SEMESTER JULY DECEMBER 2016 5 Key Data Business Electricity Prices (ex-VAT) - 2nd Semester 2016 Business Electricity Band Share Ireland c/kWh Ireland relative to: Ranking* in: Semester price change: EU Euro Area EU Euro Area Ireland EU Euro Area Band IA 8.7% 19.6 106% 98% 6 6 1.3% -1.0% -0.7%
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