Statement from Minister O'Brien following today’s meeting of EU Energy Ministers

Today I met [online] with Energy Ministers from across the EU – to continue to coordinate an EU-wide approach on energy in relation to the ongoing developments in the Middle East. This timely meeting took place against a rapidly evolving geopolitical backdrop. These developments continue to shape global energy markets and test the resilience of our shared systems.
 
In particular, I welcome the letter from President Von Der Leyen containing a toolbox of solutions for high energy prices and I look forward to receiving additional details next Wednesday, particularly on new proposals on network charges and electricity taxation. In conjunction with EU ministers, I support EU-wide measures and obligations.
 
Ireland was one of the Member States that participated in the International Energy Agency’s collective action for an oil stock release. I will continue to engage with our international partners in the EU, and we must include trusted third countries like the UK in our coordination efforts.
 
On gas, Ireland welcomes measures to relax the Gas Storage Regulation requirement to refill gas storage to 80% rather than 90%. Although Ireland does not currently have storage facilities, we see the benefit of this to reduce the demand for gas from the EU – reducing further upward pressure on gas prices for us.
 
With regard to electricity markets and pricing, Ireland is open to coherent, EU-wide proposals to address the impact of increased costs in electricity markets. Measures taken in response to developments in the Middle East should be tailored, targeted and temporary, while maintaining the fundamentals of the Electricity Market Design.
 
Energy markets and prices are directly impacted by events far beyond our borders. The ongoing conflict in the Middle East underlines – once again – why we must accelerate the deployment of renewables across all sectors, continue to invest in our grid, and continue to invest in retrofitting of homes and businesses across the country. During our upcoming EU Presidency we will drive the EU’s energy agenda, including making meaningful progress on the Grids Package and other key files.
 
We will not insulate ourselves from future price shocks unless we reduce our dependence on imported fossil fuels. I, and my Government colleagues, am committed to doing that – in a way that protects households, businesses and the economy.