Government Monitoring Energy Prices as Middle East Conflict Drives Global Market Uncertainty

The Government has convened a meeting of its Energy Security Group to assess the impact of the ongoing Middle East and Gulf conflict on Ireland's fuel and electricity supplies, with ministers moving to reassure households that supply chains remain stable.

The Department of Climate, Energy and the Environment (DCEE) called the meeting today, Friday 6 March 2026, at the request of Minister Darragh O'Brien TD.

Senior officials from relevant Government departments, state agencies, regulators, and fuel industry representative body Fuels for Ireland attended the meeting, which reviewed current supply and pricing conditions across oil, gas, and electricity.

The group noted International Energy Agency (IEA) updates that oil prices, while continuing to fluctuate, saw some stabilisation yesterday, with markets remaining adequately supplied. Wholesale gas prices, while elevated, remain well below the peak levels seen in recent years.

Minister Darragh O'Brien TD said:

"The Energy Security Group met today on my request to take stock of the situation and to get an up-to-date picture from all relevant energy stakeholders. It's important to say that Ireland's fuel supply chains are reliable and all appropriate contingency arrangements are in place across the energy sector."

The Minister confirmed he wrote to retail electricity, gas, and fuel suppliers this week to emphasise the importance of reducing price shock exposure for Irish consumers. He also wrote to the Chair of the Commission for Regulation of Utilities (CRU), following a December 2025 request for the CRU to undertake a review of competition in the retail energy markets. That review is already under way, including engagement with the Competition and Consumer Protection Commission (CCPC).

Minister O'Brien added:

"Energy affordability is a priority for this Government, and range [sic] of measures was introduced in Budget 2026 aimed at helping households with energy costs. I have also engaged recently with the four biggest energy retailers in recent months to ensure that hardship funds and focused measures are in place for any customers who find themselves in difficulty."

Budget 2026 supports currently in place include:

The 9% VAT rate on gas and electricity has been extended, saving households up to €100 per year. The Fuel Allowance rate has been increased by €5 per week to €38 since January. From next week, households in receipt of the Working Family Payment will also qualify for the Fuel Allowance, backdated to January, benefiting over 43,000 people. From September 2026, those on Disability Allowance or Blind Pension will be able to retain the Fuel Allowance for five years when they exit their payment for employment.

A record €640 million has been allocated to SEAI retrofit schemes, including €340 million for the Warmer Homes Scheme, which provides fully funded upgrades for those in energy poverty.

Anyone struggling with their energy bills is strongly encouraged to contact their supplier directly. Suppliers will not disconnect customers who engage with them. The Department of Social Protection's Additional Needs Payment can also provide support for households facing difficulties with fuel costs.

The Energy Security Group will continue to meet as the situation evolves.