Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

On the Deputy's reference to Government warnings and so on, I said last week that Secretaries General of Departments have been asked to carry out scenario planning for various potential scenarios. We do not envisage rationing of oil and petrol. We have oil and gas reserves. However, scenario planning can be carried out for varying scenarios and one can be worse than another. It makes sense for public servants to do this. We have asked Departments to outline the potential impacts on the country if this gets worse, if the war becomes more difficult. Clearly in the immediate sense, the biggest impact is the increase in the price of energy. We have an energy crisis now affecting supply and prices. The prices then feed into the broader economy. The other key area will be food because of the central role that Russia and Ukraine play as grain exporters. The prices of commodities, metals and food are rising significantly along with energy prices. I see those as the more immediate impacts.

The ESB also has significant debt; it has borrowed significantly to expand. Our focus with all energy companies at the moment is security of supply over the medium term.

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