Denis Naughten (Roscommon-Galway, Independent)
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180. To ask the Minister for Communications, Climate Action and Environment the estimated price of oil on which his Department is basing its future energy projections in terms of energy security; and if he will make a statement on the matter. [10558/22]

Eamon Ryan (Dublin Bay South, Green Party)
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In relation to oil security, the National Oil Reserve Agency (NORA) has responsibility for maintaining transport fuel security in Ireland. As a member of both the European Union and the International Energy Agency, Ireland maintains a 90 day fuel security reserve, the vast bulk of which is held physically at different regional locations on the island of Ireland. NORA provide monthly updates to the Department on the amount of stock held to show that it is meeting the 90 day requirement.

The Sustainable Energy Authority of Ireland (SEAI) carry out energy modelling on behalf of my Department. The prices used for energy modelling by the SEAI is mainly the EU oil reference price, which projects oil prices at just under US$100 per barrel in 2030.  Other oil price references include the UK Department of Business oil prices, which are low case US$50 per barrel by 2030 and mid case US$80 per barrel by 2030.

Separately, my Department is carrying out a review of security of energy supply of Ireland’s electricity and natural gas systems focussing on the period to 2030 in the context of ensuring a sustainable pathway to net zero emissions by 2050. The review includes a technical analysis which will help inform a public consultation. The technical analysis includes identification and examination of the key risks to the security of supply in the electricity and natural gas systems; identification of options that could address or mitigate these risks in the period to 2030; and appraisal of these options in the context of ensuring a sustainable pathway to 2050. I expect the technical analysis will be published and the public consultation commenced by mid-2022. It is planned to complete the overall review following this consultation, at which point, it will be submitted to Government.