Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

While the Single European Market is not under any serious threat as a result of Brexit, the integrated single European project likely is. As of now the SEM is undergoing significant upgrades in order to comply with the EU regulations the Minister has identified. Obviously, Britain's departure could seriously jeopardise this project and it is unclear whether the UK will receive EU funding to aid this transition. It is also unclear as to whether this will remain an attractive option for the UK following its departure. It throws our participation in that into jeopardy. It would be important for the Minister to engage with the various stakeholders at the earliest opportunity in order to give some confidence to that sector. The concerns transcend just the price concerns. Currently Ireland relies on EU regulatory measures to address shocks in the supply of oil and gas. If the UK energy market became independent of the EU, Ireland would lose access to a portion of its 90-day emergency reserve that is stored in the UK.

See this speech in context