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A new energy index, specific to Ireland and designed to track movement in the wholesale energy market, was launched by Bord Gáis Energy. The Bord Gáis Energy Index, the first of its kind in the Irish market, is made up of four key energy commodities, oil, gas, coal and electricity. The Bord Gáis Energy Index tracks the monthly global price movements of these commodities factoring in any currency shifts producing an overview and insight into the global energy sector. 

Speaking at the launch of the Bord Gáis Energy Index, Energy Trading Managing Director, Jason Scagell said, “This Energy Index is an exciting development for our Trading Division. Bord Gáis Energy trades energy commodities in the Irish and global market on a daily basis with our dedicated, energetic and skilled team of traders, based in Cork. Publishing the Bord Gáis Energy Index allows Bord Gáis Energy to inform public commentary on energy prices using the wealth of analysis and information at our disposal.”

Energy is a significant element of the Irish economy and it is estimated that Irish businesses spend close to €2bn on energy every year. By regularly tracking and publicising the movements and trends in energy prices, businesses and the public can plan and understand better the impact this sector has on economic activity.

The Bord Gáis Energy Index has set 31st December 2009 as the baseline date for the index setting prices at the close of trading that day at 100 points. The index looks back two years to 31st December 2007 exposing a peak in June 2008 of 180 points, when oil prices were at record highs, and a low of 80 points as the impact of the global recession hit. Jason Scagell said, “As the global economy recovers we anticipate that the Index will also rise and we can already see a rise to 109 in May from 100 on January 1st.” 

Jason Scagell concluded, “The Bord Gáis Energy Index measures the movement of energy prices. These prices are an important barometer of how the global economy is performing and that has a particular relevance to a small open economy like Ireland. As a small player in the global energy market, Ireland is always going to be affected by the movements of the global market. The Bord Gáis Energy Index will track the global trends in energy prices that will influence the competitiveness of the Irish economy.”

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