New Fortress Energy is set to develop the new gas terminal on the Shannon Estuary resulting in 400 jobs at the construction stage, while 100 permanent jobs will be created when the plant is fully commissioned.
Ireland South MEP Sean Kelly this week confirmed that the global leader in the energy infrastructure business has agreed to buy the site at Ballylongford, County Kerry, which has full planning permission for the proposed LNG Terminal.
This development, which will cost an estimated €500 million, was recently designated as an EU Project of Special Interest by the European Commission, an important factor in attracting the interest of the new buyers.
Mr Kelly believes that an LNG terminal on the west coast of Ireland fits in well with the current EU policy of changing electricity generation to gas-fired plants from the present coal and peat-burning plants. He expressed his delighted that his work on this project for the last decade has helped to finally bring it over the line.
“Shannon LNG will bring significant benefits to the Irish energy user. Ireland is dependent on gas via a pipeline from the UK. Regulatory divergences down the line, particularly in the case of a hard Brexit, could put additional costs onto the gas that Ireland imports,” the Fine Gael politician suggested.
Mr Kelly also believes it is important for Ireland to move away from our current energy dependence on Britain.
“An LNG terminal in Ireland should also reduce our exposure to any potential supply shocks, by bringing market flexibility and enhanced supply security for Ireland. This is a project that makes a lot of sense for Ireland, and for the EU. It is now considered a key element of the EU’s Energy Security Strategy. Improving the EU’s capacity to buy LNG on the global market will increase flexibility and exert downward pressure on European gas spot prices, to the benefit of EU consumers and industry,” he concluded.
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