The Government has this week approved development of State-led strategic gas emergency reserve.
Senator Mike Kennelly has welcomed the decision made by Government on Tuesday 4th March, in what he describes as a game changer for Kerry & Ireland’s energy security.
From purchase to construction the project would cost €300 million with running costs per annum of €60 million.
Senator Kennelly is now calling on the Government to progress the LNG Terminal in North Kerry, along the Shannon Estuary, Tarbert/Ballylongford landbank.
On Tuesday Minister Darragh O’Brien received Government approval to proceed with the development of a State-led strategic gas emergency reserve. The delivery of a temporary gas reserve is critical to Ireland’s energy security as we continue to transition to indigenous, clean renewable energy. Crucially, the strategic gas emergency reserve will also ensure compliance with EU standards and regulation.
The emergency reserve will be in the form of a Floating Storage and Regassification Unit (FSRU), to be owned on behalf of the State by the system operator, Gas Networks Ireland (GNI). This is a similar approach to that used for oil security by the National Oil Reserves Agency.
The development of a state-led reserve in the form of an FSRU is consistent with Ireland’s climate law. It is a transitional measure – reducing the risk of stranded fossil fuel assets, for emergency use only, and does not support increased gas demand.
Senator MIke Kennelly sees this as a huge opportunity for north Kerry and is urging the Government to purpose the Tarbert/Ballylongford landbank site for this project. This project could run efficiently in conjunction with the plans already set out by New Fortress.
