Image: Shutterstock Image: Shutterstock THE POLITICAL TENSION between Russia and Ukraine could put more pressure on Irish gas and energy prices, experts and politicians have warned.
Asked whether the situation in Ukraine could impact Ireland’s gas prices, Tánaiste Leo Varadkar said, “It could, which I think is one of the reasons why we really need to see a de-escalation in tensions.” But Britain is reliant on Europe for much of its natural gas imports — and Europe, in turn, is massively reliant on Russia.
Gas-powered generators are Ireland’s largest source of electricity generation, representing about 50% of the total in 2020. Surging wholesale prices throughout 2021 translated into higher home electricity bills for Irish consumers, which more than doubled in the year to the end of December, according to the Central Statistics Office.
On how Europe’s energy supply could withstand various potential situations – Russia using its gas as a bargaining tool; EU sanctions; an invasion of Ukraine – O’Brennan said: “I think a lot depends on what moves the Russians actually make, what further incursions will they make in Ukraine and what kind of response that would be met with on the side of NATO and the NATO allies.”
He said sanctions could be “huge” for companies like Gazprom, Russia’s state-owned gas supplier and one of the largest public gas companies in the world. Some countries, like Ireland, import gas from Norway and are less dependent on Russia, while France generates significant nuclear power.
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