Eamon Ryan calls Government's LNG position a 'costly mistake'
The LNG facility is planned for the
Shannon Estuary.
Advertisement
Writing in
The Irish Times
, Mr Ryan said: "The Government recently stated it would cost €300 million, but the bill would likely be a multiple of this. That cost is going to go on our electricity bills and in all likelihood will lead to a continued dependence on gas, which is the main reason why our electricity prices are so high.
"We need to get prices down, not just to protect our consumer and industries, but also to accelerate the clean energy transition. Cheaper electricity means lower running costs for electric vehicles and heat pumps, the workhorses of our clean energy future. By using flexible pricing and our nationwide network of smart meters, new battery storage systems can be ramped up and down. This will reduce the curtailment of wind and solar power and we can get into a virtuous circle, where power becomes cheaper, cleaner and more secure."
Responding to the article, Jerry Mac Evilly, campaigns director for climate group Friends of the Earth said: 'It is shocking that the former Minister has highlighted how Government is failing to protect customers - it is planning to sink hundreds of millions (and potentially billions) into polluting LNG infrastructure and to lump these huge costs on energy bills when cheaper, cleaner alternatives are ready to go.
"The last Government only put in place a temporary ban on LNG, but now we have a situation where the current Government is looking to have its cake and eat it: it is actively supporting state-owned LNG while also leaving the door open to a hugely dangerous commercial development, namely Shannon LNG. This is entirely unacceptable and tone-deaf to Ireland's climate obligations."
Advertisement
Mr Mac Evilly added: "Friends of the Earth is calling on the Minister for Energy to respect Programme for Government commitments and reject further long-term reliance on dangerous fossil fuel infrastructure. An urgent first step, as noted in the article, is for Government to be clear on the real costs for customers of a polluting LNG terminal. The Minister must also ensure a full up-to-date analysis of sustainable and lower-cost alternative options for energy security, together with a public consultation, led by advisory bodies at his disposal.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
18 minutes ago
- The Independent
Consumer confidence reaches highest point of year despite ‘clouds on horizon'
Consumer confidence has reached its highest point this year amid 'clouds on the horizon' in the form of inflation and rising unemployment, according to a long-running survey. GfK's Consumer Confidence Index increased by two points to minus 17 in August, driven by improved personal finances likely thanks to the latest cut to interest rates. Earlier this month, the Bank of England voted to cut its base interest rate from 4.25% to 4%. Confidence in personal finances over both the last year and the coming 12 months rose three points, to minus four and positive five respectively. The measure for the general economic situation of the country during the last 12 months is up two points to minus 42 – seven points worse than a year ago – while the expectations for the next 12 months fell one point to minus 30 – 15 points worse than last August. The major purchase index – a measure of confidence in buying big ticket items – is up two points to minus 13. Neil Bellamy, consumer insights director at GfK, said: 'The biggest changes in August are in confidence in personal finances, with the scores looking back and ahead a year each up by three points. 'This is likely due to the Bank of England's August 7 cut in interest rates, delivering the lowest cost of borrowing for more than two years. 'The improved sentiment on personal finances is welcome, but there are many clouds on the horizon in the form of inflation – the highest since January 2024 – and rising unemployment. 'There's no shortage of speculation, too, about what the autumn budget will bring in terms of tax rises.' He added: 'While August's overall index score of minus 17 is the best this year, consumer confidence continues to move in a very narrow band, and there's no sense that it is about to break out into fresher, more optimistic territory. 'The UK's consumers are still in wait-and-see mode, and any surprises could result in sudden and sharp changes in sentiment.'
Daily Mail
19 minutes ago
- Daily Mail
Freetrade's stocks and shares Isa will soon be FREE: How does it compare to other platforms?
Products featured in this article are independently selected by This is Money's specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence. Stocks and shares Isas will be free on investment platform Freetrade from 1 September in a shake-up of its service. Currently you can only open Freetrade's stocks and shares Isa on its Standard plan, which costs £5.99 when paying monthly or £59.88 annually. But it will soon be made available on the free Basic plan, which could rack up savings of £72 a year for Isa customers that pay monthly. The provider is also boosting the choice of investments available to free customers and giving them the ability to use automated order tools, including recurring orders, limit orders and stop losses. Viktor Nebehaj, CEO of Freetrade, said: 'The Isa should be the default investing account, positioned as a gateway for anyone looking to get started. 'That's why we're making our Isa free and opening up our full investment universe to everyone.' The price cut makes Freetrade* a compelling option for Isa investors among a growing band of investment platforms that don't charge account fees, including InvestEngine* Prosper* and Trading 212*. How do Freetrade's plans stack up? This is Money says: By slashing fees for its stocks and shares Isa and introducing a full range of investments to free customers from 1 September, Freetrade* will become a much more competitive option for cost-conscious investors. However, FX fees on the free plan are high – currently Freetrade charges 0.99 per cent. In comparison Trading 212* charges 0.15 per cent. We like that Freetrade is making more mutual funds available to those on its Standard plan, which could give these investors a reason to keep paying the fee. Just 28 Vanguard funds are currently available, but the platform is planning to introduce hundreds more over the coming months. An increased choice of investments for paying customers should lead to the platform more keenly competing against the likes of AJ Bell and Interactive Investor, especially when paying annually. Freetrade is also currently running a summer offer that gives 1 per cent cashback when topping up an Isa with £5,000 or more, capped at £200. For a selection of other free platforms to try for your investment Isa consider: InvestEngine*: A streamlined platform for investing in ETFs only, which could suit investors who want to build a portfolio with minimum fuss. Read more in our InvestEngine review. Trading 212*: This well-known platform has no account fees and offers access to over 13,000 global stocks and ETFs. Read more in our Trading 212 review. Prosper*: A unique proposition among investment platforms, with potentially zero-cost investing on offer – Prosper has no account fees and can refund the ongoing fees on around 30 index funds. If you're just starting out on your investing journey, read more about investing for beginners in our guide. Compare the best DIY investing platforms Investing online is simple, cheap and can be done from your computer, tablet or phone at a time and place that suits you. When it comes to choosing a DIY investing platform, stocks & shares Isa, self invested personal pension, or a general investing account, the range of options might seem overwhelming. > This is Money's full guide to the best investing platforms Every provider has a slightly different offering, charging more or less for trading or holding shares and giving access to a different range of stocks, funds and investment trusts. When weighing up the right one for you, it's important to to look at the service that it offers, along with administration charges and dealing fees, plus any other extra costs. We highlight the main players in the table below but would advise doing your own research and considering the points in our full guide to the best investment accounts. Platforms featured below are independently selected by This is Money's specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence. Freetrade * Basic account free, Standard with Isa £5.99, Plus £11.99 Stocks, investment trusts and ETFs. No funds Free n/a n/a More details Hargreaves Lansdown * 0.45% Capped at £45 for shares, trusts, ETFs Free £11.95 Free Free More details Interactive Investor* £4.99 per month under £50k, £11.99 above, £10 extra for Sipp Free trade worth £3.99 per month (does not apply to £4.99 plan) £3.99 £3.99 Free £0.99 More details InvestEngine * Free Only ETFs. Managed service is 0.25% Not available Free Free Free More details iWeb Free £5 £5 n/a 2%, max £5 More details Trading 212* Free Stocks, investment trusts and ETFs. Not available Free n/a Free More details
Daily Mail
19 minutes ago
- Daily Mail
CHRISTOPHER STEVENS reviews Hostage: Affairs, asylum seekers, 'Allo 'Allo accents... Netflix's drama is nuts!
Head for the bunkers — nuclear grade hokum incoming! The heart of British democracy is under attack, not from the Russians, nor Islamist extremists, but from an even bigger bunch of loonies... Netflix. The five-part political drama Hostage sees Suranne Jones playing a Labour prime minister who has to save the NHS (hurrah!) while facing down a neo-Fascist French president (boo!) planning to station Euro-troops in England (boo! hiss!). Meanwhile, there's a boatload of African asylum seekers fleeing persecution who need safe haven in the UK — and, gulp, they've all got ebola. And just when you think the stakes couldn't be any higher, masked gunmen only go and kidnap the PM's lovely husband, Dr Alex (Ashley Thomas). He's in South America with a Medecins Sans Frontieres team, giving vaccinations to happy village children and their poor-but-grateful mums, when terrorists take all the doctors prisoner. They shoot a translator dead. At first this appears to be more proof of what rotten rotters they are, but Dr Alex overhears them talking in English, so perhaps they just realised they wouldn't need a translator. With a gun to his head, Dr Alex is forced to record a video message to his wife. She must resign within 24 hours or one of the hostages will be killed. Suranne Jones, who excels at melodrama, does her best to breathe credibility into all this over-egged nonsense. We're so used to seeing her in extreme situations — wreaking vengeance on an unfaithful husband in Doctor Foster, solving murders aboard a submarine in Vigil — that it doesn't seem too delulu when she takes command of a hostage rescue attempt... and then apologises to the Chief of the Defence Staff for failing to let him know what she was doing. Mind you, it's not much of a rescue. British special forces have apparently been reduced to one soldier, a grizzled veteran called Thomas. And he's armed only with a pistol and a telescopic camera that looks as though he ordered it from one of those sales booklets that fall out of the Sunday supplements. He probably bought a nice pair of orthopaedic sandals and a reversible jacket at the same time. If the PM has any chance of getting her husband back, she's going to have to rely on the French military. But President Vivienne Toussaint (Julie Delpy) has her own problems — she's been having an affair with someone she really shouldn't, and now a blackmailer is threatening to release a video of them in bed together. No wonder Vivienne is so spiteful and mean to her family... though it doesn't explain why, when they're alone, they speak English with 'Allo 'Allo accents. If all that stretches your credulity, consider this. It's only in a fictional drama as bonkers as this that Labour can manage to elect a female leader.
