Speaking in the Dáil debate on Energy Security this week, Fine Gael Innovation Spokesperson Deirdre Clune TD outlined why security of supply and economic viability must be central to Ireland’s future energy policy.

Security of supply and economic viability are not mutually exclusive when developing energy policy. An energy policy that addresses the need for security, and meets any price impact analysis, can make Ireland more energy self-sufficient while also improving Irish competitiveness.

The past week has brought home to us all how vulnerable we are as an island nation. We do not want to be exposed to energy shortages. Since we are a nation that is almost entirely dependent on fossil fuels, most of which is imported from overseas, we need to change our strategy. We need to focus on developing and maximising home-produced renewable energy and ensuring a stable supply of any imported fuels we need.

Engineers Ireland has stated that Ireland today produces some of the most expensive electricity in Europe. The high cost of Irish electricity vis-à-vis our competitors is well known. There is, now more than ever, an absolute need to keep those costs down to ensure that, as an exporting nation, we return to being competitive. It is essential that in all our decision-making and policy formation in respect of the energy sector, particularly electricity, that a price impact analysis is also considered.

An emphasis on the economics of whatever strategy we develop will be important if we, as an exporting nation, are serious about keeping our energy costs down and improving our international competitiveness. Energy costs have a significant impact on the cost of the services and products we export.