Russian-owned alumina refinery in Limerick suspended from energy market
Aughinish Alumina is Europe's largest alumina refinery and employs 450 people on its 222-hectare site, located close to the Shannon-estuary towns of Foynes and Askeaton. It is owned by Russian metals company Rusal.
Eirgrid has confirmed that the company has been suspended from the ex-ante energy market - which provides day-ahead and intraday markets for the buying and selling of wholesale electricity by generators, supply companies and traders.
'Aughinish Alumina have not been taken offline and remain connected to the transmission system,' a spokesperson for Eirgrid said.
'EirGrid can confirm that Aughinish Alumina have been suspended from the ex-ante market in line with a decision by ECC (European Commodity Clearing). EirGrid are currently reviewing the implications of this development.'
Speaking to reporters today, the Enterprise Minister said the decision was taken in a sovereign court in Italy.
Peter Burke said his department, the Department of Energy, Eirgrid and the Commission for Regulation of Utilities (CRU) are engaging with the company to 'try and find a pathway for the company'.
'They're a very significant employer, and one that we are committed to working very closely with,' he said.
'Obviously, there are sanctions that we have to adhere to in relation to the ownership structure, as well as its participation now subject to that case in the energy market.'
Asked if jobs were under threat at the plant, Burke said: 'We're working with the company, and that's the key thing.
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Aerial view of Aughinish Alumina refinery on the Shannon, Co Limerick.
Alamy Stock Photo
Alamy Stock Photo
'We need to ensure that there is a pathway. It's a very significant company. It's a heavily export-oriented company from the Irish market, and obviously supplies a significant amount of power brought into the grid and in terms of its utilisation.'
Burke said he understands that the company is still fully operational, but that 'they are in discussion with Eirgrid and the CRU to find a pathway'.
While the Aughinish Alumina plant has no direct link to Russia's military invasion of Ukraine, it is owned by Russian metals company Rusal, which was co-founded by Oleg Deripaska.
Deripaska, who is still a shareholder in Rusal, is an industrialist who is reported to have had close ties to Russia president Vladimir Putin. In 2018, he was placed on a US sanctions list and the UK government also announced sanctions against the oligarch in 2022 following the Russian invasion of Ukraine.
The businessman is well-connected in Russian politics and business, and was pictured earlier this month at the Kremlin in Moscow for a ceremony ahead of World War II commemorations.
According to reports, pre-tax losses at Aughinish Alumina in 2023 totalled €108 million, down from losses of €141 million the previous year.
Earlier this month,
a bomb was discovered attached to a fuel tank that services the refinery
. The bomb is believed to have included a battery-timed mechanism so that it could be detonated long after the perpetrators had left the area.
It's understood that up to 100 staff at the refinery were unable to leave the plant while a 350-metre security cordon was in place at the scene for several hours.
The area where the bomb was found is located close to a publicly accessible nature walking trail.
Gardaí investigating the incident are examining many lines of enquiry, including the possibility that the bomb may have been a direct response to Russian missile attacks in Kyiv carried out at the time.
In February 2022 Gardaí launched an investigation into criminal damage at the entrance to Aughinish Alumina which was daubed with slogans in red paint, similar in nature to protests at Russian embassies around the world at Russia's invasion of Ukraine.
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