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Shell said it now expects to have paid between $4.3 billion and $4.7 billion in global taxes over the fourth quarter

Shell to pay $2 billion in UK and EU windfall taxes

Shell has revealed it will pay around $2 billion in UK and EU windfall taxes for the latest quarter.

Euro zone energy prices were 2.2% lower in November than in October

Euro zone producer prices fall as expected in November

Euro zone producer prices fell month-on-month as expected in November, the EU's statistics office said today, pulled down by falling costs of energy.

Business • 05 Jan 23

Eamon Ryan sought approval to publish the bill

Cabinet approves fuel stock management bill

The Cabinet has given approval to publish a bill that seeks to strengthen the Government's ability to manage fuel stocks in the event of an oil shortage.

Politics • 04 Jan 23

Exxon said it will factor in the tax as it considers future multi-billion euro investments in Europe's energy supply

Exxon sues EU in move to block new windfall tax

US oil major Exxon Mobil is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.

Business • 28 Dec 22

Natural gas prices hit multi-year highs and oil nearly $140 a barrel this year

The year Russia turbocharged a global energy crisis

For the energy industry, 2022 will be remembered as the year Russia's invasion of Ukraine accelerated a global energy crisis.

Business • 23 Dec 22

Wholesale electricity prices fell by 30.1% in November of this year compared to the same time last year

Wholesale electricity prices down 30% in November - CSO

New figures from the Central Statistics Office show that wholesale electricity prices fell by 30.1% in November of this year compared to the same time last year.

Business • 22 Dec 22

Cyprus reported its first natural gas discovery in 2011, though it has yet to enter production

Gas discovery off Cyprus gives Europe more options

A consortium of Italy's Eni and France's TotalEnergies has found more natural gas off Cyprus, boosting Europe's hopes for a clean break from Russian gas.

Business • 21 Dec 22

Uniper's Kirchmoeser natural gas power plant in Brandenburg

European Commission clears Germany's Uniper bailout

The European Commission has approved Germany's €34.5 billion plan to recapitalise German natural gas trader Uniper, subject to future state divestment, management pay and acquisitions.

Business • 21 Dec 22

Energy companies against extending energy moratorium

Electricity companies said extending the winter moratorium on cutting off people's power supply would lead to increased debts for customers and store up even bigger problems for next year.

Business • 20 Dec 22

he euro zone's current account deficit narrowed to €400m in October from €8 billion in September

Euro zone almost closes current account deficit

The euro zone almost closed its current account deficit in October, European Central Bank data showed today, likely thanks to cheaper energy imports.

Business • 20 Dec 22

The number of electricity customers who switched last year was almost 18% higher than the previous year

Energy price hikes drive customers to switch providers

New figures from the Commission for Regulation of Utilities (CRU) show that wholesale gas prices increased by 380% in 2021, while wholesale electricity prices jumped by 260% compared to the previous year.

Business • 20 Dec 22

Russia's Gazprom was once Uniper's biggest supplier of gas

Investors in Uniper vote in favour of state bailout

Shareholders in Uniper have today approved a state bailout that has so far cost the German government more than €50 billion, paving a way for a de facto nationalisation of the struggling gas giant.

Business • 19 Dec 22

A €50 credit will be applied to each of Electric Ireland's residential electricity customers in the New Year

€50 credit for Electric Ireland's electricity customers

Electric Ireland said today that it will forgo profit from its residential electricity business as consumers continue to face pressures from surging energy costs.

Business • 19 Dec 22

The Ibec survey show that firms expect gas prices to be three times higher than their 2021 levels next year

70% of firms predict lower profits due to energy costs

Average business expenditure on gas has risen 90% year-on-year, according to a survey of firms by business group Ibec.

Business • 19 Dec 22

Germany's Ifo institute said its business climate index rose to 88.6 from a revised reading of 86.4 in November

German business morale up more than expected - Ifo

German business morale rose more than expected in December as Europe's largest economy approached the end of the year with an improved outlook despite the energy crisis and high inflation, a survey said today.

Business • 19 Dec 22

Gas generated 39% of Ireland's electricity in November, new figures show today

Gas demand in November up 13% on a monthly basis

New figures from Gas Networks Ireland shows that colder temperatures in November compared to October saw a 13% increase in gas demand last month.

Business • 19 Dec 22

Eamon Ryan pointed out that Ireland gets 75% of its gas from the UK

EU gas cap deal unlikely to affect prices soon - Ryan

An EU Energy Council decision to restrict the price of derivatives on the gas market is unlikely to have an immediate impact on energy prices for consumers in Ireland, Minister for the Environment Eamon Ryan has said.

Business • 19 Dec 22

Eamon Ryan said suppliers had hedged a price at which to buy commodities in advance

Minister not expecting big reduction in energy costs

The Minister for Environment said he did not expect to see a significant reduction in energy prices in the next year or two, despite a dip in costs on wholesale markets.

Politics • 13 Dec 22

The Republic and Northern Ireland now share the same goal for the shared grid to operate on 80% renewable energy by 2030

North South interconnector would lead to efficiencies

The long-planned North South electricity interconnector between the Republic and Northern Ireland would lead to "a more efficient transmission of electricity" on the island of Ireland and lower the costs of generation.

Business • 12 Dec 22

Energy costs stood out as the issue of biggest concern

Cost of energy biggest cause of worry for public

The cost of energy is the biggest cause of worry among the public, followed closely by the broader cost of living, a new survey by employers' organisation Ibec has found.

Business • 12 Dec 22

According to the AA, the average price of diesel fell to €1.96 per litre in mid-November from just over €2 at the same time the previous month

What next for volatile fuel prices?

Fuel prices have been remarkably volatile of late. Having passed the €2 per litre mark for a time, they're now back below that level again. However, the move this week to cap the price of Russian oil transported by sea could bring a fresh round of price spikes.

Business • 11 Dec 22

The changes will take effect from January 9

Pinergy to increase electricity prices again

Energy supplier Pinergy is to increase its residential electricity charges.

Business • 09 Dec 22

Last month marked the best November for the volume of electricity produced by Irish wind farms

48% of Ireland's November electricity provided by wind

New figures show that wind energy provided 48% of the country's electricity in November, which means it was the biggest source of electricity in Ireland last month.

Business • 08 Dec 22

The assistance is capped at €10,000 a month per business or €30,000 where they have more than one premises

Govt business energy support scheme open for claims

Businesses that are seeking assistance with meeting the cost of rising energy bills can now submit claims under the Government's support scheme.

Business • 06 Dec 22

The annual household electricity bill in 2021 was 14% higher than in 2020, new CSO figures show, but the annual gas bill was down 2.6%

Households' electricity bills rose by 14% last year

The median, or mid-point, annual household electricity bill in 2021 was €1,268. This was just over 14% higher than the median annual bill in 2020 of €1,111, new figures from the Central Statistics Office show today.

Business • 06 Dec 22

Energy Crisis

Shell to pay $2 billion in UK and EU windfall taxes

Euro zone producer prices fall as expected in November

Cabinet approves fuel stock management bill

Exxon sues EU in move to block new windfall tax

The year Russia turbocharged a global energy crisis

Wholesale electricity prices down 30% in November - CSO

Gas discovery off Cyprus gives Europe more options

European Commission clears Germany's Uniper bailout

Energy companies against extending energy moratorium

Euro zone almost closes current account deficit

Energy price hikes drive customers to switch providers

Investors in Uniper vote in favour of state bailout

€50 credit for Electric Ireland's electricity customers

70% of firms predict lower profits due to energy costs

German business morale up more than expected - Ifo

Gas demand in November up 13% on a monthly basis

EU gas cap deal unlikely to affect prices soon - Ryan

Minister not expecting big reduction in energy costs

North South interconnector would lead to efficiencies

Cost of energy biggest cause of worry for public

What next for volatile fuel prices?

Pinergy to increase electricity prices again

48% of Ireland's November electricity provided by wind

Govt business energy support scheme open for claims

Households' electricity bills rose by 14% last year