Arriving at the second day of an EU summit in Brussels, Mr Martin warned of “rocky territory” in the coming years when it comes to high energy prices.
This was due to a confluence of factors, such as climate change, the war in Ukraine and the EU’s strategic plans to wean Europe off Russian oil and gas, known as RePowerEU.
“We are at a watershed moment in terms of the European Union’s dependency on Russian oil and gas,” the Taoiseach told reporters.
“RePowerEU will bring about a more sustained and fundamental break with that dependency on oil and gas.
“If you dovetail that with our climate change agenda it is a watershed moment for fossil fuels in general, which will make for fairly rocky territory over the next couple of years in terms of pricing around fossil fuels.
Minister for the Environment, Climate and Communications and Minister for Transport Eamon Ryan
Via RTÉ News:
The Government is launching a new campaign this weekend that will inform the public about a range of actions they can choose to take to save energy and money, whilst reducing national energy use.
The campaign will roll out in print, radio, and across social media.
A spokesperson said that the campaign will emphasise how, now more than ever, we need to be mindful of how we use energy.
They said: “The campaign will emphasise how the Government, homeowners, motorists, communities and businesses must all work together to overcome the immediate energy security and affordability challenges.
“This will benefit us individually in our energy bills and nationally in our energy security.”
“That saves consumers money, it reduces the amount of gas that we buy from the market and therefore revenues going to the Russian government. It’s a step in the efficiencies direction where we need to go anyway.”
BASF SE’s plant in Ludwigshafen is emerging as a symbol of Germany’s opposition to a full embargo on Russian gas amid rising calls to punish President Vladimir Putin for his war on Ukraine. Cutting it off, BASF says, could render its factory—the biggest supplier of the base chemical acetylene—inoperative, sending shock waves through many industries and causing Germany’s economy irreversible damage.
The warnings have alarmed policymakers in Chancellor Olaf Scholz’s administration, which has been scrambling to offset Germany’s reliance on Russia for roughly one-third of its energy.
…Germany could face a €220 billion ($240 billion) hit to output over the next two years should gas supply be severed immediately, according to a joint forecast of economic institutes, the equivalent of a 6.5% annual output cut, tipping the country into a recession of more than 2% next year….
WE WILL distribute & sell turf to all our elderly neighbours for as long as we see fit, because we care about them having hot water and heat. They have worked all their lives in this corrupt country & deserve comfort in their latter years.https://t.co/MOcJ0CCihq
The Kremlin said on Friday that a Ukrainian strike against a fuel depot in the Russian city of Belgorod did not create comfortable conditions to continue peace talks with Kyiv.
Russia accused Ukraine on Friday of attacking the depot but Ukrainian authorities did not immediately respond to requests for comment.
Speaking to reporters on a conference call, Kremlin spokesman Dmitry Peskov said authorities were doing everything to reorganise the fuel supply chain and avoid disruption of energy supplies in Belgorod.
Russian gas flowed into Europe while regional gas prices rose further on Friday as firms grappled with President Vladimir Putin’s threat to cut off supplies unless they paid in roubles. pic.twitter.com/yOFsvvXWNO
In a surprise appearance at the Doha Forum international conference, Ukrainian president Volodymyr Zelensk called on energy-producing countries to step in so that Moscow cannot use its oil and gas wealth to “blackmail” other nations.
Russian state-owned energy giant Gazprom has said it is continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers.
On Friday, EU leaders ‘promised’ to end the bloc’s dependence on Russian energy.
Russia supplies nearly 40% of the European Union’s natural gas and over 25% of the region’s crude oil. Although the global oil cartel known as the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC oil-exporting nations played down concerns of a global oil shortage as the war drags on, many industry players fear a potential demand destruction that could cause oil demand to peak and fall when pump prices become too expensive.
To reinstate the balance in oil supply and demand especially during wintertime in Europe, EU-based importers of Russian oil could then choose to yield to Putin’s demands and pay in rubles.
However, EU leaders, shortly after Putin’s announcement, stood firm and rejected the Kremlin’s demands, with Slovenia Prime Minister Janez Jansa saying “nobody will pay in rubles,” Bloomberg News reported. The message was backed by leaders of Ireland, Italy, Croatia, and Germany, among others, ahead of a summit meeting in Brussels. The leaders stressed that Putin’s demand would be in violation of their existing contracts.
A new shapeshifting short by Universal Everything and Hyundai Motorstudio in which – instead of the shifting textures and colours of previous work – light and energy are to the fore (presumably a metaphor for Hyundai’s efforts in green energy and sustainable design).