Weather pushed gas demand far above seasonal norms

Freezing temperatures pushed gas demand figures far above the seasonal norms at the end of February, according to a monthly energy report from Vayu.

Average Irish wholesale gas prices increased by 15 per cent on January, and electricity prices saw a 14 per cent increase month on month.

Vayu energy analyst Catriona Walsh said bad weather "increases the likelihood of supply issues" for gas and electricity.

“The end of February saw significant increase in prices, as bad weather impacted Ireland and the UK,” she said.

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“While March is promised to be a milder month than February, temperatures are expected to remain below seasonal averages, so undoubtedly the weather will continue to have a significant impact on the near curve.

“Since the adverse weather conditions last week there has been a number of outages and if these problems persist, or the system experiences additional unplanned outages, both prompt and near curve contracts have the potential to climb higher again.”

COLIN GLEESON