Report claims liquid natural gas plant not needed in Republic – Wallace

EU’s existing natural gas supply network sufficient for bloc’s needs, report says

International Energy Agency said failure to cut greenhouse gas emissions could threaten gas companies’ profitability

International Energy Agency said failure to cut greenhouse gas emissions could threaten gas companies’ profitability

 

A new report backs claims that the Republic does not need to build a new plant that will allow imports of liquid natural gas (LNG) at Shannon, Mick Wallace, member of the European Parliament, said on Monday.

The news came as the International Energy Agency (IEA) called on the oil and gas industry to cut carbon dioxide emissions to shift to cleaner energy.

A report from industry analysts, Artyles, argues that the EU’s existing natural gas supply network is sufficient to supply the bloc’s needs for the fuel even in situations where important sources are cut off.

Artyles questions whether the EU should spend €29 billion on aid for the construction of new gas infrastructure.

The report includes the proposed plant at Shannon, which will take LNG from ships and convert it back to gas so it can be distributed to businesses and homes via the country’s supply network.

Mr Wallace said that the report, for the European Climate Foundation “cements how deranged the Government’s decision” was to commit the Republic to the Shannon project.

Meanwhile, the IEA warned yesterday that failure to address calls to cut greenhouse-gas emissions could threaten oil and gas companies’ long-term profitability and social acceptability.