Gas demand rises amid lack of storage facilities for renewable energy, report suggests

Elsewhere, European natural gas futures fell below €38 per megawatt-hour, down from an early-month peak of over €40, as Europe's gas reserves storage levels reached 90% capacity on August 19, surpassing the EU's November target by over two months.

Cooler and dryer weather led to lower wind energy contribution to the grid while, at times in June, “gas powered up to 64% of the country’s electricity, and never dropped below 16%”, said Gas Networks Ireland’s director of strategy and regulation Edwina Nyhan.

Gas demand crept upwards in July amid a lack of storage facilities for electricity generated from renewable energy sources including wind, a report suggested.

A Gas Demand Report by Gas Networks Ireland found the fossil fuel was the largest contributor to electricity generation, generating 45%, which represents an increase from 42% in June, and a slight decrease year-on-year from 46% in annual terms.