Gas and electricity costs likely to remain pressurised due to invasion of Ukraine

Pressure on European gas prices with knock-on effects for electricity costs is likely to be maintained by Russia's invasion of Ukraine, although supplies remain flowing, the Minister for Environment Eamon Ryan has said.

The European Commission is working closely with Member States to protect Europe's supply security, he said in a statement on Tuesday as the war intensified.

“The Commission is also actively engaging with other countries to ensure sufficient and timely supply of natural gas to the EU from diverse sources across the globe to avoid supply shocks, including those that could result from disruptions. Natural gas continues to flow and be traded normally, albeit at high prices.”

The International Energy Agency (IEA) member states, including Ireland, have agreed to release 60 million barrels from oil reserves "to show solidarity with Ukraine" and to help maintain stability in global oils supplies. Arrangements are due to be finalised over the coming days.

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Ireland holds 90 days’ demand of oil stocks, in line with international commitments, and intends to participate in this action, Mr Ryan said.

“Both the IEA and the EU have stressed that the current situation only further strengthens our collective resolve to accelerate the clean energy transition, in line with the European Green Deal.”

In keeping with the State’s condemnation of Russian action in Ukraine, Mr Ryan said the Government would work with the EU to provide continued support to the country.

Meanwhile, the Swiss-based company behind the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, Reuters has reported.

The project was sanctioned by the US last week. While registered in Switzerland, the $11 billion (€10 billion) Nord Stream 2 is owned by the Russian state-owned gas giant Gazprom and was due to pump additional gas from Russia to Germany.