Ireland’s Natural Gas Investment Corporation (NGIC) says the “natural gas market is still relatively new”.
It says the Government has been unable to achieve a balanced market for natural gas, and it is “difficult to see how a transition to gas independence will be possible”.
It is also calling for a “further assessment” of the impact of gas prices on households and the economy.
Key points:Natural gas investment:NIC says the natural gas market “remains relatively new”Despite the growth in the sector, the Irish Government has not yet achieved a balanced price for natural-gas assets.
It says it would like to see an “integrated” approach to natural gas investments, and has put in place a series of “bipartisan” policies to achieve this.
It wants to introduce a “market mechanism” for naturalgas investments, to be used by both governments and the private sector, and a mechanism for setting the price of natural gas assets.
Its head of energy, Philip Larkin, says it is too early to tell what effect a transition would have on the natural-gase market.
Mr Larkin said the industry has a lot of room to grow, but there are “significant challenges” ahead.
He says “the natural gas price in Ireland is currently higher than the US, the UK and other major markets, and there is a risk that prices will continue to rise in the future”.
What are the key issues?NIC’s head of policy, Phil Larkin says the Irish Natural Gas Industry Association (NIGA) has identified the following key issues.1.
The natural gas sector is “not mature enough” to “pursue a full transition” to gas independent.2.
“The market for gas is currently very complex”.3.
“There is a lack of transparency in the natural resources market”.4.
There is “no common objective” for gas exploration, production and transport.5.
“We do not have a clear framework for how natural gas will be priced”.
The NIGA has called for a comprehensive review of the natural gases market.
“The Government needs to act now to address the challenges presented by the current situation,” it said.
Its vice-president of energy and resources, Richard O’Connor, said the Government “has failed to provide the necessary resources” to ensure that the market is “fully diversified and flexible”.
He said the NIGA had called for the “appropriate and transparent review” of natural- gas prices, and for “a detailed and robust approach to a transition that takes into account the needs of consumers and businesses”.
What is the National Gas Transition Strategy?
The NI GA has called on the Government to “take immediate action” to reduce the “price volatility” associated with natural gas prices.
The government says it wants to achieve an “independent natural gas pricing system that will ensure consumers have certainty and certainty of price, so they can decide if they want to move into a gas or coal-fired power station”.
It wants “a competitive market that provides certainty and affordability for energy companies and consumers”.
How are the proposals different from the Government’s policy?
The new government has set out an approach to the transition that it says will provide certainty for energy consumers.
The NI Energy Minister, Pat Rabbitte, said he wanted to “make sure that the naturalgas price remains competitive and that the Irish economy remains strong”.
Mr Rabbitte has said the “long-term viability of the Irish natural gas industry is very much at risk” and said “a full transition will require significant and ongoing investment”.”
However, the current market is not fully mature enough and we do not yet have a balanced natural gas investment market.”
Mr Rabbitte has said the “long-term viability of the Irish natural gas industry is very much at risk” and said “a full transition will require significant and ongoing investment”.
What have been the major changes in the industry since the government took office in 2015?
The industry has grown from $4bn to $10bn, and is estimated to have an annual revenue of €5bn by 2040.
What are some of the issues in the Irish industry?
There is an “urgent need for a market mechanism to address uncertainty”, the NI GA says.
It has also proposed a “public option for the exploration and production of natural resources, and the establishment of a National Gas Company”.
What does the government do to improve the natural Gas Investment Co-operative?
The Government says it will set up a “new Natural Gas Corporation to manage and oversee the natural resource investment portfolio”.
This will include “a new Board of Directors that will be charged with the responsibility of assessing the long-term sustainability of the Natural Gas Investing Co-op”.
The new Board will also be responsible for “developing and delivering a framework for the orderly, transparent and effective conduct of the Company’s business”.
What will the NI Government do to help the natural fuel sector?
The government is set to release a “framework for the management of the Co-Op’s assets” on January