James Browne (Wexford, Fianna Fail) | Oireachtas source

I thank Deputy Griffin for raising this very important issue around energy security and policy. I apologise on behalf of the Minister, Deputy Ryan, who could not be here today.

At the outset, I wish to reiterate that the Government continues to stand in full solidarity with the people of Ukraine and our EU partners. Our support for Ukraine's sovereignty and territorial integrity remains unwavering. We stand with the people of Ukraine and will work with the EU to provide continued support. Let me condemn the outrageous actions of Russia and Belarus in their aggression in Ukraine.

This crisis has brought into sharp focus the reliance of the EU and Ireland on fossil fuel imports. We must continue to accelerate the clean energy transition, focusing on energy efficiency and renewable energies. The European Commission is working closely with member states to protect the resilience and security of Europe's gas supply. The Commission is also actively engaging with other countries to ensure a sufficient and timely supply of natural gas to the EU from diverse sources across the globe to avoid supply shocks, including those that could result in disruptions.

Natural gas continues to flow and be traded normally, albeit at high prices. Lessons have been learned since the Russian gas crisis of 2006-2009, including the adoption of an improved internal energy market in the European Union. Ireland sources roughly one-quarter of its gas from the Corrib gas field and three quarters via the UK. The UK's gas supply comes mainly from indigenous supplies via pipelines from Norway and through imports of LNG. In addition, the UK also imports via two gas interconnectors connecting the UK to Belgium and the Netherlands. The UK and Ireland have far less reliance on Russian gas than other European countries.

An analysis of the potential impact of a partial or complete curtailment of Russian pipeline gas supplies to Europe indicates that, in the unlikely event of a disruption to Russian supplies, the result would be manageable for Europe. Ireland is a member of the International Energy Agency, IEA, and is in continuous consultation with our European and international partners to ensure energy security. Yesterday, the Minister, Deputy Ryan, and his counterparts agreed to release 60 million barrels from oil reserves to show solidarity with Ukraine and help maintain stability in global oil supplies. This is only the fourth time in the IEA's history that it has agreed to a release of strategic reserves, which demonstrate the international community's commitment to maintaining stability in energy markets and solidarity with Ukraine.

Ireland holds 90 days demand of stock in oil, in line with its international commitments, and intends to participate in the action. Ongoing conflict in the Ukraine region is likely to maintain pressure on European gas prices, with knock-on effects on electricity prices.

Like Ireland, both the IEA and the EU have stressed that the current situation only further threatens our collective resolve to accelerate the clean energy transition in line with the European green deal.

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