As both oil and gas prices increased last month, the Bord Gáis energy index rose by 4% with a weakening euro compounding the increase.
The index, which stood at 143 in November, is 17% higher than the same time last year. Bord Gáis said the lingering threat of a double dip recession also continues to a major influence on the movements in the index.
The oil element of the index rose by 5% to 151 in November as the euro price of a barrel of oil rose by 5% due to euro weakening against the dollar. The price of oil was also supported by concerns over possible future supply disruption as a number of events occurred in oil producing regions.
Bord Gáis said the natural gas element of the index rose by 6% to 191. It said that prices were volatile in the first half of the month as consumption varied due to changeable weather and unstable UK production levels were replaced by increased flows from Norway.
Coal prices fell last month due to a number of factors, including subdued demand, healthy stockpiles, milder weather and economic growth uncertainty. The coal element of the index fell by 1% to 142.
The electricity element of the Bord Gáis index rose by 3% to 121 with one of the major factors behind the increase due to the unavailability of imported power, as the interconnector between Ireland and the UK was out for repairs. Thermal plants were also forced out of the system temporarily because of high winds.
''Following the release of a number of downbeat figures, forecasts, statements and a growing concern about the future of the currency, the euro weakened substantially versus the dollar in November,'' commented Bord Gáis energy trading analyst Michael Kelleher.
He said the euro price of commodities increased, but the scale was curtailed by lower demand for commodities arising from reduced growth prospects and milder weather.
