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End to Shell’s involvement in the most controversial infrastructure project in Ireland’s history

Protest event in Ireland during “Shell to Sea” campaign

Joe Brennan: 4 Sept 2017: Extracts from article: “Vayu warns of volatile prices for winter gas”

Ireland imports much of its gas needs through the UK, even though the Corrib field off the Mayo coast, which started production in late 2015, has the potential to meet up to 60 per cent of the country’s gas needs and is expected to supply fuel for up to 20 years.

“We are anticipating considerable energy price volatility this winter, which could be worrying for businesses as this is the time when their energy usage is at its highest,” said Keith Donnelly, an energy analyst with Vayu, noting that winter gas prices have risen by 8 per cent in the past six weeks.

“If Irish businesses enter this period without some hedge against the risk of rising prices, the volatility could lead to significant price shocks,” he said.

Separately, the Canadian Pension Plan Investment Board filed with Irish competition authorities in recent weeks for approval of its plan to buy out Shell’s 45 per cent stake in the Corrib gas field in a deal worth between €830 million and €1.08 billion. The deal, announced in July and expected to close next June, will bring an end to Shell’s involvement in the most controversial infrastructure project in the State’s history.

Discovered 21 years ago, the field was dogged by years of opposition before natural gas started flowing almost two years ago.

FULL ARTICLE

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