Cantillon: Gas prices unlikely to hit last summer’s highs, say analysts
Moody’s assumes that LNG imports will match last year’s, while homes and businesses will continue to restrain energy consumption. The weather could cause a 10 per cent swing in demand either way. If Russia cuts off the remaining flow of supplies through Ukraine, this will spark a rise in prices “although they would be unlikely to hit the highs seen last summer”, the agency maintains.
For the longer term, the Moody’s report makes Europe’s increased reliance on LNG and storage clear. Many in the energy industry warn that the Republic needs both, but it has facilities for neither. Minister for the Environment Eamon Ryan has postponed any decision on both pending his department’s latest energy security review. With an election looming next year, it is unlikely that he will risk committing to anything on this front.
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