New heating bill rises on the way
STRUGGLING consumers can expect a further hike in the cost of their energy bills by the end of the year, Bord Gais Energy has warned.
The latest Bord Gais Energy Index said that any rise in natural gas prices in the final quarter of 2011 will also push up electricity prices.
Wholesale energy prices fell by 5pc last month, according to the index, but remain stubbornly high -- at 27pc above prices listed last year. Despite that, the index has shown the biggest one-month fall since March
The wholesale price of gas increased in May, although the wholesale price of oil, coal and electricity all fell.
Bord Gais Energy said the drop in oil and coal prices was the result of the broad-based sell-off in commodity markets at the beginning of May. As a result, with oil prices exceeding $100 per barrel in the first and second quarters of 2011, gas prices in Europe will advance in the second half of the year.