Ireland will not run out of gas this winter, says network operator
Gas Networks Ireland said although we are facing 'an elevated risk', there is enough gas in the system for the whole winter.
There is enough supply to ensure the Republic of Ireland does not run out of gas this winter despite the continuing risk of fallout from the war in Ukraine, according to the gas network operator.
Gas Networks Ireland, in a new assessment, said although we are facing "an elevated risk", there is enough gas in the system for the whole winter "including in the case of an extremely cold day that would only occur once every 50 years".
The operator reiterated it expects over a fifth of the gas the State will burn this winter to come from the Corrib field off the Mayo coast, and the rest via the interconnector from Britain, which draws the bulk of its gas from sources in the North Sea.
Gas is used to generate power at plants from Co Antrim to Co Cork for the all-Ireland electricity grid.
It is hoped the analysis from Gas Networks will help provide reassurance about security of energy supplies this winter.
“At Gas Networks Ireland, we have robust and tested procedures in place to manage a gas supply shortage," Gas Networks Ireland stated.
However, it comes as the business group that represents the European electricity grid operators warned last month about potential disruption to the system here.
The European Network of Transmission System Operators for Electricity (Entsoe) said that along with France, the Irish electricity system faces what it calls "adequacy risks" through the winter, and could face the risks of disruption before the end of the year.
Reassurances about security of energy supplies over the winter do not automatically mean that prices will fall rapidly.
The price of European wholesale gas has fallen in recent months, but not quickly enough to hold back the huge surge in consumer prices.
On Monday, gas for delivery in December fell sharply, by 12.5%, to €122 per megawatt hour. The price for March delivery also fell to €130 per megawatt hour.
Many parts of Europe basked in 20C temperatures last weekend, and the mild weather may persist in most of Europe through mid-November, according to forecaster Maxar.
Prices are “likely to drift lower until temperatures drop”, said Ole Hansen, head of commodity strategy at Saxo Bank.
While full gas reserves will provide a buffer for when temperatures inevitably fall, restocking will be harder for winter next year in the absence of the usual supplies from Russia, which has slashed shipments through pipelines to the continent.
The latest Eurostat figures show that consumer price inflation across the eurozone rose to the annual rate of 10.7% in October from 9.9% in September, despite lower wholesale prices.
Much of that inflation is still being driven by the increase in retail energy bills, but increases in food prices are also playing their part, the figures show.
Irish consumer prices under the harmonised measure rose by 9.6% in October, up from 8.6% in September.
