While the causes of the energy crisis have faded from headlines, its core reasons remain. The war in Ukraine and heightened global geopolitical tensions still present potential for energy volatility and this expectation is priced into gas markets. This means that wholesale gas prices and associated electricity prices will remain above the long-term average for the foreseeable future.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences To understand gas security, it is important to distinguish between a physical interruption, where an importing pipeline is cut off, and a price risk, where gas is available but becomes expensive. While the price of natural gas is strongly influenced by market forces and can be quantified, albeit with a high degree of uncertainty, the expectation on the secure physical flow of gas is dependent on value judgements of an uncertain future and on perceptions of international security and risk.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences The findings of the government’s energy security review are yet to be published, but the analysis and options point to the need for LNG or strategic gas storage to give Ireland cover as we reduce our reliance on gas. Ireland should play to its strengths as a country with large renewable potential and seek to harness this resource, but we must be realistic and acknowledge this takes time and our energy security is exposed during this period.