Saturday 19 August 2017

Gas price rise 'likely' by year-end

BORD Gais has warned that gas prices are "likely to increase" by the end of the year after the semi-state's own energy price index hit a 29-month high in February, writes Laura Noonan.

But the company would not be drawn on just how much of a price hike consumers were likely to face.

Any increase in gas prices is unlikely to come in "before the end of the year", said John Heffernan, energy trading analyst at Bord Gais. Mr Heffernan said most gas companies already had "hedging" contracts in place securing the price for several months.

The Bord Gais analyst refused to be drawn on the level of increases, stressing that there were "many, many variables".

Yesterday's index shows that prices in wholesale energy markets rose by 5pc in February, as an 11pc surge in oil prices offset the impact of falling coal, natural gas and electricity prices.

Irish Independent

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