Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

I thank the Chair for facilitating the question and the response.

The extraordinary energy council meeting on 9 September in Brussels was to exchange views on the energy situation in the European Union. The meeting was split into two parts, with the first session covering policy options to alleviate the burden of high energy prices. The second session was on the state of play of the preparedness of member states for the coming winter.

In respect of higher energy prices, the council discussed in private session four main areas on which member states expected the Commission to act. These included capping the revenues of electricity producers that face low production costs, a possible price cap on gas imports, measures for a co-ordinated electricity demand reduction across the EU, and measures that would help to address the issue of decreased liquidity for market participants. The Commission has since published a draft regulation, which is under urgent negotiation by member states in order to have agreement by the end of the month. We are supportive of the overall approach being taken and will co-operate closely with other member states to get the regulation agreed swiftly.

Ministers also discussed the state of play of preparedness for this winter. EU member states have carried out several actions at both national and EU level. In particular, they have adopted a regulation to fill gas storage and to share gas in a spirit of solidarity, diversified supply sources and committed to reducing gas demand by 15% this winter. EU gas reserves have been filled to 82.5% of their capacity, well ahead of the 1 November deadline set in the gas storage regulation.

There was a fifth issue we discussed in the earlier session, looking at what measures we could take on global gas markets, particularly LNG markets, where we could use our purchasing power, perhaps in co-ordination with other countries, in Asia or elsewhere, to try to help reduce market prices that way as well. That did not conclude, or has not concluded yet, with a specific proposal, but we gave a clear mandate for the Commission to investigate what might be possible in that regard.

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