Overall: An increase in both oil and gas prices drove the Bord Gáis Energy Index 4% higher for the month of November. A weakening of the euro due to uncertainty about the future of the single currency compounded the effect. The lingering threat of a double dip recession continues to be a major influence on the movements in the index. The index, which now stands at 143, is 17% higher than it was in November 2010. The following are the key trends recorded for the month of October: Oil: The oil element of the Index was up 5% to 151. Month-on-month oil prices were relatively unchanged in US dollar terms but as the euro weakened relative to the dollar, the euro price of a barrel of oil increased by 5%. The price of oil was supported by concerns over possible future supply disruption as a number of events occurred in oil producing regions. Natural Gas: The natural gas element of the Index was up 6% to 191. Prices fluctuated in the first half of the month as consumption varied due to changeable weather and unstable UK production was replaced by increased flows of gas from Norway. Coal: The coal element of the Index was down 1% to 142. Coal prices fell in the month due to a combination of subdued demand; healthy stockpiles; milder weather in Europe and uncertainty surrounding economic growth. Electricity: The electricity element of the Index was up 3% to 121. A major contributory factor to the rise was the unavailability of imported power, because the electricity interconnector between Ireland and the UK was on outage for repairs. As a consequence, Ireland had to rely on its own generation fleet to meet demand and less efficient generators were called into production. Furthermore, thermal plants were forced out of the system temporarily on several days because of high winds, giving rise to additional start-up costs when they were subsequently required to provide supply.

1. Bord Gáis Energy Index
NOVEMBER 2011
G29238 BGE Energy Index Nov 2011 JJ.indd 1 02/12/2011 15:02

2. Bord Gáis Energy Index
NOVEMBER 2011
BORD GÁIS ENERGY INDEX
INCREASES 4% IN NOVEMBER
- INCREASES IN BOTH OIL AND GAS PUSH INDEX HIGHER –
Bord Gáis Energy Index (Dec 31st 2009 = 100) OVERALL SUMMARY:
12 Month
An increase in both oil and gas prices
Energy
Index Graph
Bord Gáis Energy Index
Rolling Average
12 Month Rolling Average
180
Data
31 October 2009 87.80
31 January 2009
28 February 2009
92.10
87.77
30 November 2009
31 December 2009
87.15
88.29
drove the Bord Gáis Energy Index
higher for November. A weakening
31 March 2009 76.86
30 April 2009 77.63 31 January 2010 88.92
31 May 2009 84.37 28 February 2010 90.20
of the euro due to the uncertainty
30 June 2009 90.81
31 March 2010 92.51
31 July 2009 88.62
31 August 2009 88.35 30 April 2010 95.31
about the future of the single currency
140
30 September 2009 85.76 31 May 2010 97.49
31 October 2009 92.39
30 June 2010 99.22
compounded the effect of these price
30 November 2009 94.82
31 December 2009 100.00 31 July 2010 101.09
Points
31 January 2010 99.62 31 August 2010 102.82
28 February 2010
31 March 2010
103.17
104.57
30 September 2010
31 October 2010
104.97
106.66
rises to leave the index up 4% for
the month.
30 April 2010 111.22
31 May 2010 110.49 30 November 2010 108.89
30 June 2010 111.64
31 December 2010 111.88
100
31 July 2010 111.05
31 August 2010 109.16 31 January 2011 114.76
30 September 2010 111.50 28 February 2011 117.91
31 October 2010 112.64
31 March 2011 121.41
30 November 2010 121.67
31 December 2010 135.86 30 April 2011 124.45
31 January 2011 134.21 31 May 2011 126.97
28 February 2011 140.96
30 June 2011 128.88
31 March 2011 146.51
60
30 April 2011 147.76 31 July 2011 131.18
31 May 2011 140.73 31 August 2011 133.64
30 June 2011 134.54
30 September 2011 135.59
31 July 2011 138.57
31 August 2011 138.69 Jan-09 Apr-09 2011
31 October Jul-09 Oct-09
137.54 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
30 September 2011 134.89
1 Mth 4% 3 Mth 3% 12 Mth 18%
Following the release of a number of poor economic figures, forecasts and statements, growing concerns
around the future of the euro and growth in the Eurozone resulted in the currency weakening substantially
versus the US$ in November. As a consequence, the euro price of commodities increased but some of these
rises were minimised by lower demand for commodities due to lower growth prospects and milder weather.
Tension in the Middle East continue to support oil.
Oil Index OIL
Month-on-month oil prices were
175
Oil Graph
Data
31 January 2009 65.78
relatively unchanged in $ terms but as
the € weakened relative to the $, the
28 February 2009 67.03
31 March 2009 68.43
30 April 2009
31 May 2009
30 June 2009
150
70.72
85.34
90.70 € price of a barrel of oil increased by
5%. The price of oil was supported by
31 July 2009 92.57
31 August 2009 89.31
30 September 2009 86.74
31 October 2009
125
93.84
concerns over possible future supply
Points
30 November 2009 96.36
31 December 2009 100.00
31 January 2010
28 February 2010
94.62
104.90 disruption as a number of events
occurred in oil producing regions.
31 March 2010 112.38
30 April 2010
31 May 2010
30 June 2010
100
121.16
111.65
112.54
November began with renewed
31 July 2010 110.19
31 August 2010 108.17 v
30 September 2010 111.13
31 October 2010
30 November 2010
31 December 2010
109.88
121.18
130.36
75 tensions over Iran’s nuclear programme,
31 January 2011
28 February 2011
135.62
149.07 then violence erupted again in Egypt
and it concluded with an attack on a
31 March 2011 152.09
30 April 2011
31 May 2011
156.15
149.41 50
30 June 2011
31 July 2011
31 August 2011
142.55
149.27
146.57
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 British embassy.
30 September 2011 140.51 *Index adjusted for currency movements.
However, despite fears over a possible
31 October 2011 144.47 Data Source: ICE
disruption to supply, the prospect of
1 Mth 5% 3 Mth 3% 12 Mth 25%
a severe economic downturn due to
Europe’s debt crisis held prices down.
G29238 BGE Energy Index Nov 2011 JJ.indd 2 02/12/2011 15:02

3. Bord Gáis Energy Index
OCTOBER 2011
Natural Gas Index
Natural
Gas Graph
250 NATURAL GAS
Data
31 January 2009
28 February 2009
195.04
156.23
Prices ranged 54 to 60 p/therm in the
first half of the month as consumption
31 March 2009 99.24
30 April 2009 92.78
200
31 May 2009 87.00
varied due to changeable weather
30 June 2009 87.56
31 July 2009 76.34
31 August 2009 69.43
30 September 2009
31 October 2009
61.72
77.55 and unstable UKCS production was
Points
30 November 2009 83.21
31 December 2009 100.00
replaced by increased flows of gas
150
31 January 2010 125.88
from Norway.
28 February 2010 114.44
31 March 2010 101.67
30 April 2010 106.04
31 May 2010 130.73
30 June 2010 145.29
31 July 2010
31 August 2010
157.48
145.96 Mid month prices spiked over 60 p/
30 September 2010
31 October 2010
30 November 2010
132.67
148.57
167.11
100 therm on the back of a colder weather
outlook but slid back to below 58 p/
31 December 2010 204.87
31 January 2011 188.31
28 February 2011 179.74
therm in the final week as UKCS
31 March 2011 194.03
30 April 2011 181.39
31 May 2011
30 June 2011
31 July 2011
184.99
183.36
179.36
50 production increased, consumption
31 August 2011 172.82 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
30 September 2011
31 October 2011
180.07
180.16
*Index adjusted for currency movements.
Data Source: Spectron Group
remained below seasonal averages
and IUK exports dropped. Economic
uncertainty also contributed to
1 Mth 6% 3 Mth 11% 12 Mth 15%
lower prices.
Coal Index
175 COAL
Coal Graph
Coal prices fell in the month due
Data
31 January 2009 102.58
150 to low buying interest globally,
28 February 2009 93.02
31 March 2009 82.80
30 April 2009 78.58
31 May 2009
30 June 2009
76.19
76.68 healthy stockpiles, milder European
weather and uncertainty surrounding
31 July 2009 81.48
125
31 August 2009 84.15
30 September 2009 83.00
Points
economic growth.
31 October 2009 86.26
30 November 2009 88.54
31 December 2009 100.00
31 January 2010 105.77
100 With Indian ports reportedly
28 February 2010 95.28
31 March 2010 95.51
30 April 2010 108.11
crammed with stocks of coal, Chinese
31 May 2010 125.06
30 June 2010 132.03
31 July 2010 121.85
buyers unable to get credit, and
75
31 August 2010 123.28
30 September 2010 121.29
thus buy more coal, and Europeans
31 October 2010 121.83
30 November 2010 150.34
31 December 2010 159.48
requiring less coal (power generation
31 January 2011 148.31
28 February 2011 149.34
31 March 2011
30 April 2011
31 May 2011
153.91
148.29
145.75
50 is lower due to the economic situation
30 June 2011 144.90 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
31 July 2011
31 August 2011
147.62
149.65 *Index adjusted for currency movements. and milder weather), demand for coal
30 September 2011 156.20 Data Source: ICE
31 October 2011 145.04
was relatively subdued in November.
1 Mth -1% 3 Mth -5% 12 Mth -5% With an overhang in supply, prices
weakened.
Electricity Index
ELECTRICITY
Electricity
Graph Data
150
31 January 2009
28 February 2009
127.36
117.38
The wholesale price for electricity out
31 March 2009 89.56
turned 3% higher month-on-month.
125
30 April 2009 88.58
As the interconnector between
31 May 2009 82.33
30 June 2009 91.74
31 July 2009 83.00
Ireland and the UK was on outage, it
31 August 2009 89.26
30 September 2009 87.28
31 October 2009 91.82
was unable to import power from the
Points
30 November 2009 93.65
100
31 December 2009 100.00
UK to Ireland.
31 January 2010 105.32
28 February 2010 98.50
31 March 2010 90.42
30 April 2010 93.24
As a consequence, Ireland had to rely
31 May 2010 105.19
30 June 2010 104.88
31 July 2010 106.05
31 August 2010
30 September 2010
31 October 2010
105.66
109.05
112.69
75 on its own generation fleet to meet
30 November 2010
31 December 2010
31 January 2011
115.75
136.21
123.78
demand and less efficient generators
28 February 2011 120.12
were called upon. In addition, several
50
31 March 2011 129.24
high wind days forced thermal plants
30 April 2011 127.27
31 May 2011 118.10
30 June 2011 112.46
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
31 July 2011
31 August 2011
30 September 2011
112.53
118.86
117.61
Data Source: SEMO off the system temporarily, but when
31 October 2011 114.14
the winds eased, thermal generators
were required to provide electricity
1 Mth 3% 3 Mth 2% 12 Mth 5%
and plant start-up costs put upward
pressure on prices.
G29238 BGE Energy Index Nov 2011 JJ.indd 3 02/12/2011 15:02

4. Bord Gáis Energy Index
OCTOBER 2011
FX Rates
31 January 2009
EUR/USD
1.283
EURUSD February 2009 EURGBP
31 January 2009 0.887
EUR/GBP
FX RATES
28 February 2009 1.272 28 0.886
1.60
Amid talk about the break-up of
31 March 2009 1.323 31 March 2009 0.925
30 April 2009 1.321 30 April 2009 0.894
31 May 2009 1.412
the euro and a countdown to its
31 May 2009 0.874
30 June 2009 1.405 30 June 2009 0.853
31 July 2009 1.424 31 July 2009 0.853
1.40
31 August 2009
30 September 2009
1.434
1.464
31 August 2009
30 September 2009
0.881
0.914
possible demise, the euro weakened
31 October 2009
30 November 2009
1.474
1.498
31 October 2009
30 November 2009
0.896
0.913
significantly versus the US$ and
31 December 2009
1.20
31 January 2010
1.433
1.389
31 December 2009
31 January 2010
0.888
0.867
less so against Sterling, despite
28 February 2010
31 March 2010
1.360
1.353
28 February 2010
31 March 2010
0.893
0.891
uncertainties surrounding the US
30 April 2010
31 May 2010
1.327
1.230
30 April 2010 0.868
and UK economies.
1.00
31 May 2010 0.846
30 June 2010 1.226 30 June 2010 0.819
A continuing stream of poor economic
31 July 2010 1.305 31 July 2010 0.831
31 August 2010 1.269 31 August 2010 0.827
30 September 2010 1.362
related news from the Eurozone is
30 September 2010 0.866
31 October 2010 1.392
0.80
30 November 2010 1.304
31 October 2010 0.869
increasing uncertainty in the region
30 November 2010 0.837
31 December 2010 1.337 31 December 2010 0.857
31 January 2011 1.370 31 January 2011 0.854
28 February 2011 1.379 28 February 2011 0.849 and in its currency. Specifically,
0.60
31 March 2011 1.419 31 March 2011 0.883
30 April 2011
31 May 2011
1.483
Jan-09
1.437 Apr-09
30 April 2011
Jul-09May 2011
31 Oct-09 Jan-10
0.888
0.874 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
the surprisingly disappointing
30 June 2011
31 July 2011
1.451
1.438
30 June 2011
31 July 2011
0.903
0.875
German Bond auction, a reduced
31 August 2011
30 September 2011
1.441
1.345
31 August 2011 0.885
GDP forecast from the European
1 Mth -4% 3 31 October 2011 -7% 0.860 12 Mth
Mth
30 September 2011
3% EURUSD
Commission and a 25bps cut in the
31 October 2011 1.395
0.865
1 Mth -1% 3 Mth -3% 12 Mth 2% EURGBP interest rate were some of the events
that weakened the currency.
MARKET OUTLOOK:
Uncertainty around the euro and its value versus other currencies could be the biggest driver of the index
in 2012. Markets are indicating lower oil prices into 2012 as fears of a second global recession increase due
to the possibility of a break up of the euro and worsening economic data out of the US.
Forward gas prices have fallen steadily during November due to relatively mild weather in the winter to date
and expectations that it may persist resulting in the lowest prices for Q1 2012 seen since January 2011.
RE-WEIGHTING OF BORD GÁIS ENERGY INDEX:
Following the SEAI’s 2009 review of energy consumption in
Ireland, released in Q4 2010, there was a 9.3% drop in overall Oil 64.93%
energy consumption. The most notable drop of 1.39% was in oil
consumption in the form of gasoline and diesel. This reflects the
economic downturn experienced at the time. The share of natural Gas
gas and electricity increased by 0.63% and 0.57% respectively. An 13.52%
increase in the use of renewables and peat, at the expense of coal in
electricity generation was also observed. As a result the Bord Gáis
Energy Index has been reweighted to reflect the latest consumption Electricity Coal
data. This has had a minimal effect on the overall shape of the Index, 18.40% 3.16%
but may indicate future trends.
For more information please contact: Fleishman-Hillard - Aidan McLaughlin - 085 749 0484
Bord Gáis Energy - Christine Heffernan - 087 050 5555
Disclaimer:
The contents of this report are provided solely as an information guide. The report is presented to you “as is” and may or may
not be correct, current, accurate or complete. While every effort is made in preparing material for publication no responsibility
is accepted by or on behalf of Bord Gáis Eireann, the SEMO, ICE Futures Europe, the Sustainable Energy Authority of Ireland
or Spectron Group Limited (together, the “Parties”) for any errors, omissions or misleading statements within this report. No
representation or warranty, express or implied, is made or liability accepted by any of the Parties or any of their respective
directors, employees or agents in relation to the accuracy or completeness of the information contained in this report. Each of the
Parties and their respective directors, employees or agents does not and will not accept any liability in relation to the information
contained in this report. Bord Gáis Eireann reserves the right at any time to revise, amend, alter or delete the information provided
in this report.
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