Press release
Statement from Minister Ryan on Energy Security and Market Stability
From Department of the Environment, Climate and Communications
Published on
Last updated on
From Department of the Environment, Climate and Communications
Published on
Last updated on
"The Irish Government has condemned Russia’s unjustified and unprovoked attack on Ukraine. We stand with the people of Ukraine and will work with the EU to provide continued support.
"Ministers belonging to International Energy Agency (IEA) member states, including Minister Ryan, have agreed to release 60 million barrels from oil reserves, to show solidarity with Ukraine and to help maintain stability in global oils supplies. Full detailed arrangements will be worked out over the coming days.
"Ireland holds 90 days demand of stocks of oil, in line with its international commitments, and intends to participate in the action.
"The European Commission is working closely with Member States to protect the resilience of Europe’s gas security of supply. 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.
"Ongoing conflict in the Ukraine region is likely to maintain pressure on European gas prices, with knock-on effects on electricity prices. 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.
"Lessons have been learned since the Russian gas crisis of 2006-2009, with the adoption of an improved internal energy market in the EU.
"More broadly, the Irish Government continues to stand in full solidarity with our EU partners and with Ukraine. Ireland’s support for Ukraine’s sovereignty and territorial integrity is unwavering."
ENDS