RTÉ News has learned that electricity generators have requested industry regulators to 'urgently' re-calculate a key price marker "...to reflect the sudden rise in gas prices driven by the international situation."

An official posting on the website of the Integrated Single Electricity Market, or SEMO, which jointly runs the electricity market north and south, says that ‘a number’ of generators have requested that regulatory authorities make ‘an exception’ to recalculate the March Strike Price which had been set at €755.47 on 25th February.

The posting goes on to detail that based on yesterday’s prices in the gas markets, this would indicate a new strike price of €1432.90.

It says this does not ‘represent a forecast of actual electricity price’ but it is used as a ‘reference price’ for the market.

Industry sources have indicated that an increase in the Strike Price could open the door to increases in prices for consumers in the future.

Gas prices on the UK wholesale market have more than doubled since the Russian invasion of Ukraine.

However, they fell by over 25% today.