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Gas price on the way up

DaSchmo

I wasn't certain where to post this - also could be duped so mods deal with if necessary

With the ESB noting that it is paying 16 times as much for gas on the wholesale market in one year - how long is this going to take to filter through to the end user? Obviously this has an impact on lots of things indirectly but what I'm referring to here is just the price of gas that consumers pay here.

Does anyone know what the relationship between wholesale prices and the price the end user pays (home, not business) in Ireland? We are yet to see a fraction of this increase but barring any government actions to cut taxes to subsidise we must be in for some pain to come.

On the up side at least we have about half our own supply, and what we get from the UK (not that I trust them to have our interests at heart if supply gets cut in Europe) is not sourced in Russia. But the signs are not good.

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Wanderer78

hopefully current events will accelerate our changeover to renewables, but this wont be easy, outages are increasingly likely now....

MacronvFrugals

Could this accelerate the timeline for potential the of hydrogen with existing gas supplies?

https://www.spglobal.com/commodity-insights/en/market-insights/latest-news/electric-power/011422-uks-gas-grid-ready-for-20-hydrogen-blend-from-2023-network-companies

DaSchmo

Yeah that's the problem, we don't have a solution to perfectly substitute gas today (and we need it today) so we will be forced to use less of it (without a substitute in most cases for some time) inflicting pain or to pay an incredibly high price for it. If this increases the transition to renewable that's at least a silver lining of some sort but the plaster can't just be ripped off instantly without a lot of negative side effects which are politically tricky.

Danzy

There is nothing wrong with energy transition, it's starting it while the capacity is not in place.

At one stage on Tuesday whole sale was at 29 times.

blanch152

Ireland is going to be left with some difficult choices in the short-term as the transition to a carbon-free economy will take time.

Do we continue the decommissioning of Moneypoint? We could reverse it and lessen our reliance on gas, but that will increase carbon emissions.

Do we build the LNG storage facility in Shannon to lessen our dependence on Russian gas?

These are crucial questions. We could lessen reliance on Russian gas at the expense of emissions in the short term, but we would really need to ramp up grid storage of renewables as well as off-shore wind capacity to eliminate it in the longer-term while also meeting carbon targets.

The Greens may be uncomfortable with some of these decisions, making the government somewhat less stable.