A US energy firm states that the Commission for Energy Regulation has put at risk, cheaper energy, job opportunities as well as the diversity and security of gas supply.
€1 billion investment of the Shannon estuary is at risk by the commission’s policies, stated Paddy Power, the chief executive officer of the US-owned Shannon LNG.
Shannon LNG secured approval for a €600 million liquefied gas terminal early in 2008. It also has plans for a plant at Co Kerry that will feature combined heat power.
If this project takes flight it would create 650 job opportunities in the 4 year construction phase. After it’s completion 50 permanent jobs would be created.
However, the Regulation Commission has proposed that all gas suppliers along with Shannon LNG, pay for the state’s two inter connectors. These inter connectors supply around 95% of the State’s gas. This proposal has left the whole plan of Shannon LNG in a lurch.
Mr Power stated that the new regulation would cost Shannon LNG around €85 million per annum, which is something that Shannon LNG is not comfortable with.