Russia cuts their supply of gas to Poland & Bulgaria - The Last Word
The conflict in Ukraine continues to hit the energy world hard.
Following Russia's demand that all Russian energy be paid for in Rubles, Poland and Bulgaria have since been cut from the Russian gas supplier Gazprom.
The news comes as the two countries failed to make payments in the required currency.
Will Poland and Bulgaria now turn to alternative E.U. suppliers for their gas and how will that affect energy prices in Ireland?
Head of Communications at bonkers.ie, Daragh Cassidy, appeared on The Last Word to tell us what we can expect over the coming months.
Listen back to the interview above or take a look at the main points discussed in the interview below for more information.
Will this move see Ireland receiving more price increases?
We’re already in an energy crisis, so It was always likely that energy prices would increase in September or October.
This latest news pushes everything to the next level though.
Energy prices are currently at record highs and the situation isn’t looking good.
Fortunately, energy demand plummets in summer but as we come into winter we’re looking at a difficult few months.
Is a lack of investment funds preventing us from having alternatives?
Change takes time and you can’t change your policy overnight.
We don’t rely heavily on Russian gas but if the countries that do begin to move away from Russia, then competition increases along with prices.
In the short term, we’ll be protected from this latest news.
In the long term, there’s going to be pressure on prices.
The average electricity bill has gone up by €800 per year and gas by €600.
So we’re already paying hundreds if not thousands more for our energy compared to a few months ago, and now that could get even worse.
Is there potential for power cuts and the need for rationing?
I don’t want to be alarming people, but it’s a possibility.
There were issues around the security of electricity and renewable energy before, where wind farms don’t always work and data centres continue to grow and use a lot of power.
The electricity grid is very close to capacity right now.
If we get a very cold winter coupled with a calm spell, I do wonder what pressure would be put on the grid.
Luckily there is a winter fuel allowance to help some people.
Currently, around 40% to 45% of electricity comes from gas, so if there’s a shortage of gas there may be a shortage of electricity.
There won’t be any rationing right now, and my concern is currently the price increases.
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