Colder weather in October and November drove natural gas prices up by 47%, with a subsequent 26% increase in day-ahead electricity prices , according to the latest Bord Gáis energy index.

Oil prices gained 5% in November, which also contributed to the strong rise in the index for the month.

Energy trader David Grainger (pictured) said: “Wholesale energy prices gained 13% over the month. Gas has seen the greatest increase, gaining 47% due to increased demand with the colder weather. Other components of the index have seen gains too, with electricity up 26%, oil up 5% and coal up 1.2% in November.”

The price of gas for next-day delivery stood at stg37.5p/therm, 47% higher in euro terms. Demand was 10% higher than the same period in 2018 due to lower temperatures. Supply was stable, but there are clouds on the horizon as Russia and Ukraine were once more at war over gas transit arrangements for next year.

Less wind was a factor in the jump in electricity prices, with wind output down 7% on October, so that just 31% of demand was met by wind generation,as against 36% in October.

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Oil was up 5% in November, with coal registering a 1.2% rise as the euro fell.