European Commission says Shannon LNG bid for EU support is ongoing

The European Commission says a bid to secure EU support for a proposed liquefied natural gas terminal in North Kerry is ongoing.

The backers of Shannon LNG on the Tarbert/ Ballylongford landbank hope the development will be included on a list of energy projects with access to funding of more than 5 billion euro.

The owners of Shannon LNG, US company Fortress Energy, hope that the project will qualify as a Project of Common Interest.

The European Commission says to qualify as a PCI, the development must have a significant impact on energy markets and market integration in at least two European countries, boost competition, help the EU’s energy security as well as integrating renewables.

Projects selected as PCIs have access to over 5 billion euro in funding and may benefit from accelerated planning, improved regulatory conditions and lower administrative costs.

The European Parliament and Council can reject projects chosen under the process. According to the Sunday Business Post, proposed PCI projects will be put to a vote in the European Parliament in the autumn. The parliament and European Council have up to four months to decide.

The Sunday Business Post reported that at last week’s PCI hearing by the European Commission, Shannon LNG said it may alter its plans for the terminal because of ongoing judicial appeals.