Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I thank the Senator for her question and for the opportunity to discuss this important matter, which I am taking on behalf of the Minister, Deputy O'Brien.

As outlined in the programme for Government, the Government is committed to taking decisive action to radically reduce our reliance on fossil fuels and to achieve a 51% reduction in emissions from 2018 to 2030 and to achieve net-zero emissions no later than 2050. The programme for Government also commits to achieving 80% of Ireland’s electricity generation from renewable sources by 2030 and to take all necessary action to ensure and protect Ireland's energy security.It is through delivering on this commitment that a secure and sustainable energy future will be delivered. I recently received Government approval to proceed with the development of a State-led strategic gas emergency reserve. The delivery of a temporary gas reserve is critical to Ireland’s energy security as we continue to transition to indigenous, clean renewable energy. Crucially, the strategic gas emergency reserve will also ensure compliance with EU standards and regulations. The emergency reserve will be in the form of a floating storage and regasification unit, FSRU, to be owned on behalf of the State by the system operator, Gas Networks Ireland, GNI. This is a similar approach to that used for oil security by the National Oil Reserves Agency.

In identifying this as the optimal approach, my Department has built upon the extensive review of security of Ireland's gas and electricity systems, which was approved by Government in the Energy Security in Ireland to 2030 plan in November 2023. The plan sets out Ireland’s ambition to transform our energy system and support our climate objectives. The plan includes 28 actions, under the pillars of sustainability, affordability and security. Under action 17 of that plan, GNI was tasked with reviewing and recommending the optimal approach. The extensive body of work that culminated in the publication of the energy security package has been complemented by the GNI report, a number of emergency exercises, and an updated projection regarding compliance with the EU infrastructure standard N-1, taking account of the most up-to-date data.

The strategic gas emergency reserve is a transitional measure that supports a secure transition of our energy system. The policy decision taken by the Government ensures the risk of stranded fossil fuel assets is reduced. The reserve will be used for emergency use and does not support increased gas demand. These provisions will be underpinned by policy and legislation that my Department is progressing as a matter of priority. The facility will be owned and operated by Gas Networks Ireland and public procurement processes will determine any future delivery partners. Gas Networks Ireland will now progress the project through the relevant planning and regulatory structures. Final costs to deliver this strategic gas emergency reserve and the cost recovery model will be assessed and considered to inform a final investment decision. The financial, operational, commercial and regulation details will be finalised as part of these processes. The approval of the State-led strategic reserve concludes the energy security review. Related reports will be considered for future publication.

On the specific point raised by the Senator, I will bring this back for the attention of the Minister. Some of it was not dealt with in the response given but I will bring those specific points back.