EU gas storage levels are at dangerously low levels with no sign of demand falling anytime soon.

Business Editor Joe Lynam told Newstalk Breakfast the price of replenishing Europe’s gas reserves could see costs fall back on consumers.

“They’re down below 40%, EU gas storage levels – and we still have a full month of March and it’s still snowing in quite large swathes of Europe,” he said.

“So, they have to top that up by November.

“The issue is; to replenish your gas reserves Europe-wide by November, you will have to spend a lot of money filling that up and that could push up the price for fuels.

“Demand for gas in Ireland soared on January the 8th; remember it was really cold at the very start of the year, as low as -8°C in some places."

A man clears snow in Towlerton in County Laois in Ireland. Picture date: Monday, January 6, 2025.

Joe said the demand seen in early January was driven by a combination of gas demand and electricity generation to heat homes in the cold temperatures.

“There’s definitely something going on that will push up prices,” he said.

Meanwhile, gas and electricity rates are already expected to rise for SSE Airtricity customers in April, with experts predicting other providers may soon follow suit.

Figures from Eurostat in October showed that Irish people pay over €500 a year more for energy than most of the EU.

Main image: Gas cooker.