Ireland 'may need price controls' if Russia turns off European gas supply

The Corrib field off the Mayo coast supplies around a quarter of Ireland's annual gas requirements, the rest coming from the North Sea via Britain

Ireland is not directly connected to the continental European gas pipelines and gets most of its gas from the North Sea via Britain to generate electricity from power stations.

The Government will have to put on the table all sorts of contingencies, including setting price caps on energy suppliers, to safeguard Irish energy supplies, a leading economics professor has said.  

Tony Foley, emeritus associate professor of economics at the DCU Business School, said it is "not clear" what policies the Government has in mind to ensure energy security for Ireland should Russia disrupt or turn off altogether its key gas supplies to Europe in the coming weeks.