Why is the energy market so volatile currently?

There has been exceptional volatility in the energy market lately. A complex set of factors has contributed to this, including:

• An increase in demand for energy post-pandemic
• Dramatically reduced gas supplies from Russia following its invasion of Ukraine
• The disruption of key supply chains including the closure of the Nordstream I and II gas pipelines 

This has led to significantly higher wholesale energy prices, and as a result, the cost of energy for consumers globally.

In addition, gas accounts for 70% of the electricity price in Ireland and is still a key benchmark for our energy market. So, both gas and electricity prices have seen quite unprecedented upward pressure on the supply chain.

If you're a variable customer, depending on market conditions, we have a range of fixed gas and electricity price plans that can protect you against the volatility in the market for all meter types. If you’ve received your latest bill and you’re concerned about your payments, please get in touch with us on 01 611 01 92. We offer a range of tailored payment plans, supports and advice for all our customers.

While this is a difficult time, Bord Gáis Energy has over 45 years’ experience in the energy market. We’re part of the Centrica group and we promise to do our best to find a way through these unprecedented times with our customers.