Rising Energy Prices

(22 Jul 2011)

International oil and gas prices have been rising steadily since the sharp decline in energy commodity costs in early 2009. Oil prices are now approaching US$120 per barrel and the price of natural gas is 30% higher than it was this time last year. The cost of natural gas is the primary contributory factor to wholesale electricity prices in Ireland and has driven a rise by over 20% in the past year.

There is a time lag in passing cost rises through to consumers but most customers will have seen rises in the cost of energy supplies or may expect to see increases in the short term.

The impact of increases on business costs can be mitigated by procurement and ensuring that you are getting the best deal in the competitive electricity and gas supply market. Most importantly, costs can be controlled by identifying simple energy saving initiative through an energy audit.

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