Environment, Climate and Communications | European Union discussions on energy prices and supplies

To ask the Minister for the Environment, Climate and Communications the extent to which he has had discussions with his colleagues at EU level on the ever-increasing energy prices and supply difficulties; and the extent to which progress continues to be made in this regard to protect consumers throughout the European Union.

To ask the Minister for the Environment, Climate and Communications the extent of the progress, if any, made at the recent European Council meeting with particular reference to energy supply and price rises, based on what appears to be tenuous need.

REPLY
The European Council met on 20th October to continue work on Europe’s response to the energy crisis, as a result of Russia’s invasion of Ukraine.

The European Union has already implemented three different laws over the course of the year, focussing on:
• reducing gas and electricity demand;
• ensuring stocks of gas storage are replenished for the winter; and
• supporting citizens and businesses through the winter.

The European Council met on Thursday (20th October) to continue work on Europe’s response to the energy crisis, as a result of Russia’s invasion of Ukraine.
The European Union has already implemented three different laws over the course of the year, focussing on:
• reducing gas and electricity demand;
• ensuring stocks of gas storage are replenished for the winter; and
• supporting citizens and businesses through the winter.

The Council has agreed to continue to work collectively on these issues. The focus of this meeting was on wholesale gas prices. The Council and the European Commission have been called on to urgently submit concrete decisions in a number of areas, including:
• voluntary joint purchasing of gas;
• a new complementary gas price benchmark, that more accurately reflects conditions on the gas market;
• a temporary ‘dynamic price corridor’ on natural gas transactions on the main European gas exchange in the Netherlands;
• a temporary EU framework to cap the price of wholesale gas in electricity generation, while preventing increases in gas consumption;
• fast-tracking the simplification of permitting procedures – to accelerate the roll-out of renewables and grid infrastructure;
• increased efforts to save energy.

More detailed work now urgently needs to be done. Ireland will work closely with its EU counterparts. Ireland secures its gas mainly from the UK, so these measures may not have an immediate impact. However, the intention is that such measures would lower wholesale gas prices, more generally.