European energy Ministers, including Minister Eamon Ryan, will meet this Friday to decide how the union can tackle the ongoing power dilemma which has been brought on by the Russian invasion of Ukraine.

Reports say officials are planning to consider options including a price cap on imported gas and temporarily removing gas power plants from the current system of setting electricity prices.

Chair of the Energy and Climate Action Committee at the Irish Academy of Engineers, Don Moore, says Ireland's renewable plans could take a real blow if these measures are implemented.

A major reform of the EU’s electricity market is urgently required to address soaring bills according to the Fine Gael MEP for this region, Colm Markey.

The Midlands-North-West MEP says the current system is not fit for purpose as currently, wholesale electricity prices are linked to the price of gas. 

That’s despite only 21% of EU electricity being produced from gas, with the vast majority coming from renewables, whose cost base has not changed significantly as a result of the war in Ukraine. 

At a time when homeowners and businesses face astronomical bills, emergency intervention is needed. He is calling on the EU to look at changing the rules to decouple electricity and gas prices altogether.

This, he told Midwest News Editor Teresa O’Malley, should be top of the agenda at the meeting of EU energy ministers on Friday next...

 

 

 

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