Ireland is headed for an era of high energy prices, says PM –

Ireland is headed for an era of high energy prices, says PM -

Taoiseach Michael Martin has warned that newly approved EU sanctions on Russian oil and gas could usher in a “different era” for fossil fuel prices.

“We are at a turning point in terms of the EU’s dependence on Russian oil and gas,” Martin said during a European Council summit in Brussels on Tuesday (May 31).

Monday Agreed EU leaders have agreed to a partial embargo on Russian oil imports to be implemented by the end of the year. However, the agreement does not apply to crude oil delivered through pipelines.

Martin told reporters on Tuesday that the upcoming increase in energy costs is due to several factors, including sanctions and the European Union’s desire to reduce its long-term dependence on Russian energy.

“If you connect that to our climate agenda, it’s a key point in terms of fossil fuels in general, and it’s going to lead to some very difficult terrain in terms of fossil fuel pricing in the next few years; we can’t get away from that.

“However, it is clear from the Commission President’s presentation that renewable energy needs to be further developed,” he added.

Above all, the European Commission wants to focus on ensuring that member states take action to get renewable energy projects such as offshore wind projects ahead of schedule, he added.

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