PRICES IN the wholesale energy market rose 2 per cent last month but the latest Bord Gáis Energy Index would have hit a two-year high had currency movements not absorbed the increased prices.

The strengthening of the euro against the US dollar and sterling prevented the energy reaching a record point not seen since October 2008. The euro ended the third quarter with the biggest quarterly gain against the dollar in eight years as there were increased confidence around the large euro zone economies.

The largest move in the energy index was recorded by oil which increased by 10 per cent during September.

Natural gas prices were very volatile during the month, according to the index, as they dropped in the third week of the month but rose sharply later in the month.

Coal prices remained flat until the final week of September when they increased on the back of higher oil prices.

Electricity prices rose and increased demand due to darker evenings resulted in more expensive electricity "peaking plans" to be called upon to produce power.

The index, which tracks wholesale energy prices covering oil, gas, coal and electricity every month, was launched last May.

Meanwhile, the National Offshore Wind Association of Ireland (NOW Ireland) said that Ireland was losing out on renewable energy jobs by failing to promote and use offshore wind resources.

The lobby group has said that energy companies were in the process of planning more than 2,500 megawatts of wind-power projects in Irish waters.

This would be enough to power about 800,000 households.