BORD GÁIS HAS warned that households and businesses can expect higher energy costs during the autumn and winter months this year because of the rising cost of natural gas.

In its routine monthly report on the wholesale price of fuel on the international markets, the company said that consumers can expect higher energy costs because of the rise in the cost of natural gas, a key element in the production of electricity, which is normally based on oil prices from six months earlier, reports RTÉ.

Whilst there are no specific projections on what sort of increases customers may be facing, the company says that with oil prices at over $100 a barrel in the first six months of the year that is likely to filter through into bills for electricity around October.

Bord Gáis also notes that the wholesale price of oil, coal and electricity has fallen to from 31-month high, according to the Irish Independent.

Whilst the index has shown the biggest one month fall, down 5 per cent, since March the index remains 27 per cent higher than the same time last year.

Energy trading analyst at Bord Gáis Energy Michael Kelleher told RTÉ Radio’s Morning Ireland that if the index remains this high this will “unfortunately” feed down to customers.