The spike in wholesale gas prices following the Russian invasion of Ukraine in February 2022 underlined the need for Ireland to maintain a strategic reserve of natural gas, but the issue predated the war by several years. Ireland, like other EU states, has been obliged since 2017 to ensure that its gas infrastructure can continue to function if the largest single part of the system fails. In Ireland’s case this is the interconnection to the UK gas network.
The announcement that the Government will proceed with the construction of a floating storage and regassification unit means that we will belatedly start the process of complying.
A number of factors contributed to the delay, the main one being the difficulty of reconciling the expansion of the natural gas network with Ireland’s legally binding commitment to reduce emissions by 51 per cent by 2030.
The circle was squared in November 2023 with the completion of a review that settled on a floating terminal to store liquified natural gas as the least bad option. Yesterday’s Cabinet decision gives effect to its recommendations.
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It is described as a temporary measure that will bridge the gap as Ireland weans itself off natural gas and other fossil fuels. It will be State-led and will not supply gas commercially. The Government believes it complies with both our EU and domestic legal obligations.
It is by its nature a compromise and the Government has acknowledged that it cannot ensure that fracked natural gas will not be the source of some of the gas held in the facility, the location of which has not been decided. It is also obvious that if circumstances dictate it can be used to supply gas into the network commercially.
Ultimately, the best way to ensure that neither of these eventualities becomes a reality is to remove the obstacles that are holding us back from tapping into out abundant sources of renewable energy. The most pressing of these is the limited capacity of the electricity grid. The Government will bring forward proposals in that regard shortly, but more urgency is warranted.
