Darragh O'Brien (Dublin Fingal East, Fianna Fail)
Link to this: Individually | In context

The "Energy Security in Ireland to 2030" report, published in November 2023, states that Ireland’s future energy will be secure by:

• moving from a fossil fuel-based energy system to an electricity-led system;
• maximising our renewable energy potential;
• increasing flexibility; and
• being integrated into Europe’s energy systems.

This review also highlighted a significant risk to Ireland’s economy and society in the event of a disruption to gas supplies that needed to be addressed.

It is in the context of energy security that the Government approved the development of a temporary, State-led, strategic gas emergency reserve last March. This will operate on a non-commercial basis to secure Ireland’s energy systems. It will be an interim measure as we continue to transition to an indigenous, clean renewable energy future. This strategic gas emergency reserve will be delivered in the form of a floating storage and regassification unit. It will store liquified natural gas (LNG) on a non-commercial basis for use in the event of a disruption to gas supplies to protect Ireland's economy and society from energy curtailments.

My Department is progressing the delivery of this project as a matter of priority. The strategic gas emergency reserve will be a State-led approach. State-led means commissioned by the State via GNI within a regulatory framework overseen by CRU. The operation of the strategic gas emergency reserve will be underpinned by policy and legislation, currently in development by my Department.

Gas Networks Ireland recently issued a Request for Information (RFI) to take market soundings from interested market operators, to identify capabilities, cost factors and general market dynamics for the provision and operation of a Floating Storage and Regasification Unit (FSRU) and associated infrastructure for the strategic gas emergency reserve. The principal objective of this exercise was to receive feedback and gather information from the market to inform options to develop the project, in the context of the strategic reserve being owned and operated by Gas Networks Ireland.

Gas Networks Ireland will now progress the project through the relevant procurement, planning, environmental and regulatory processes, with appropriate stakeholder engagement, to develop this strategic reserve and mitigate the risk to Ireland's society and economy of an interruption to gas supplies.