Electric car runs out of road
Sir, – I am currently sitting waiting in a queue at the Galway Plaza for one of only two high-speed chargers to come free on my journey on the M6 Galway motorway. I also stopped at an Athlone motorway service station and again all the chargers were occupied.
Meanwhile, all the petrol and diesel cars are buzzing around and are filled in 2-3 minutes!
The lack of a proper charging infrastructure makes any long distance journey very difficult, if not impossible, in Ireland.
It is a national disgrace and flies in the face of the Government's environmental targets and commitments.
READ MORE
I would strongly urge any perspective buyers of new cars who regularly do long journeys to stay well clear of fully electric vehicles while our charging infrastructure is still so poor. – Yours, etc,
BERNARD FARRELLY,
Sixmilebridge,
Co Clare.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
21 hours ago
- Irish Times
Where is the value in increasing the Help-to-Buy scheme threshold?
Pre-budget submissions are all about pleadings. Every special interest group in the State makes a pitch for more resources. They all consider their proposals to be in the wider public and economic interest. Some are worthy, many more are largely self-interested. This year the whole process appears to have kicked off earlier than usual, perhaps on the understanding that the largesse of recent years is unlikely to be repeated this time around. In the first place, there is no election. Worries for the medium-term health of Europe's most open economy in a climate where tariffs, trade wars and an absence of consistency on policy are increasingly the norm also will inevitably push Ministers towards a more cautious approach. And for what money is available, the need is to prioritise investment in infrastructure. Expensive upgrades to electricity, water and sewerage networks that are increasingly being cited by foreign direct investors among factors counting against Ireland Inc are needed. READ MORE An EY survey on Friday found that more than two-thirds of Irish businesses 'are worried about securing enough energy to meet future needs', which is an extraordinary number. Put together, it means more things are going to be a tough ask to get over the line. [ First-time buyers in Dublin now locked out of Help-to-Buy scheme, warns Savills Opens in new window ] It seems a strange time then for estate agent Savills to be picking CSO house price data to press for an increase in the upper threshold for the Help-to-Buy scheme. Savills says first-time buyers in Dublin are paying an average of €515,000 for a home, putting them beyond the €500,000 ceiling for Help-to-Buy. It wants that ceiling increased to at least €621,000 to take account of inflation, it says. First, averages are notoriously prone to manipulation by singular expensive property sales. Second, the more reliable median data from the same CSO note shows that prices exceed €460,000 only in Dún Laoghaire Rathdown among the four Dublin local authority areas. [ Developers are bluffing when they say lower prices would undermine viability of house building Opens in new window ] Then there is the maximum available tax refund under Help-to-Buy, which is €30,000. Ignoring that when calling for a higher ceiling is not making property more affordable for first-time buyers in general, only for the very wealthy. It is worth remembering that while the marketing speaks about providing a helping hand for first-time buyers – with even the scheme's name selected for the same reason – Help-to-Buy was from the start a scheme put together to help developers make the numbers stack up on building starter homes. That's not happening, as supply constraints (and prices rising at their fastest rate in 10 years) attest, so for the State – and those first-time buyers – what is the value of widening the incentive?
Irish Times
21 hours ago
- Irish Times
Paul Coulson faces last stand in battle to retain control of Ardagh
Ten years ago last month, Dublin businessman Paul Coulson walked away from a €3 billion deal to buy a glass-bottle business being sold by French building materials group Saint-Gobain. It seemed a rare moment of restraint for a man in a hurry, having spent the previous 15 years turning a once sleepy Irish bottle company into a multibillion-euro packaging giant – Ardagh Group – through a series of purchases funded by debt raised in the high-cost, junk-bond market. It would not last long. Less than a year later, Coulson unveiled a similar-sized transaction, but one that would catapult Ardagh into the business of making cans for beers and fizzy drinks. Today, that business – Ardagh Metal Packaging (AMP), whose customers range from Coca-Cola and Heineken to Nestlé – has surfaced as a prized asset as Coulson and holders of some of wider group's $12.5 billion (€10.7 billion) of borrowings scramble to salvage what they can from an empire saddled with too much debt. Coulson effectively owns 36 per cent of Ardagh Group. READ MORE Ardagh Group has acknowledged for more than a year that it needs to reduce its liabilities, after both its glass and beverage cans businesses had been hit since the Covid-19 pandemic by inflation, soaring interest rates, and soft consumer demand on both sides of the Atlantic. The heavily-indebted business proposed in March that a group of senior unsecured bondholders write off much of the $2.32 billion they are owed in exchange for taking full ownership of the glass containers part of the business. The plan also envisaged Ardagh Group spinning its shares in AMP into new company (NewCo). This would be 80 per cent owned by Coulson and other existing Ardagh Group shareholders – with the unsecured creditors receiving the remaining 20 per cent. Holders of a further $1.79 billion of the group's riskiest debt, so-called payment-in-kind bonds issued by a holding company at the top of the Ardagh corporate tree, know they're toast, with these notes trading below 5 per cent of their original value. Talks with the unsecured creditors broke down in May after they pitched a proposal that would see them take 40 per cent, rather than 20 per cent, of AMP, which has seen its prospects improve in recent quarters, even as the glass containers arm of the group continues to grapple with weak demand. The unsecured creditors also wanted the $784 million of preference shares they were being offered in the NewCo to be increased to $1.07 billion. AMP, in which Ardagh Group has a 76 per cent stake, is listed on Wall Street, where investors have also recently come to appreciate the improving outlook for this business – even as the glass side struggles. The market value of AMP, which has $3.98 billion of ring-fenced borrowings, has jumped more than 45 per cent to $2.59 billion so far this year. This was driven by a spike in April when its chief, Oliver Graham, signalled that the business had 'turned a corner', helped by a rebound in demand for energy drinks, sparkling water and health segments. The value of Coulson's indirect 27 per cent stake in AMP has increased as a result to more than $700 million. This is well off the $1.7 billion it was worth when the stock debuted on the New York Stock Exchange almost four years ago. It is also a fraction of the now 73-year-old's €2.4 billion interest in the wider Ardagh Group when it peaked in April 2021 – before the group delisted and floated its beverage cans unit. It emerged last week that certain bondholders have offered Coulson – who remains on the board of the group, having retired as chairman in late 2023 – and other investors in Ardagh Group $250 million to hand over total control of the empire to creditors and walk away. Shareholders include management and investors that remained on board a tiny version of the current group that was listed in Dublin more than two decades ago. The bondholders clearly do not feel the need to keep Coulson on after a restructuring. This differs from the case of fellow former junk-bond darling, Denis O'Brien , when his overindebted Digicel mobile phone company ran out of road two years ago. Digicel had no equity value when its bondholders took control in a subsequent debt-for-equity swap. However, the creditors left O'Brien with a 10 per cent stake and stock warrants that would entitle him to a further 10 per cent, subject to the company meeting certain targets, knowing they needed him to maintain key relationships with regulators and politicians across its 25 emerging and, in some cases, frontier markets. The problem for Ardagh Group bondholders is the corporate web structure – including a company set up in April 2022, at a time when interest rates were soaring globally, under the group to hold its 76 per cent stake in AMP. This was designated a so-called unrestricted subsidiary, putting its assets out of reach of group creditors. The directors of that subsidiary sought fit last year to set up another unit to hold the prized asset. Bondholders thinking they can wave off Coulson and a small number of legacy investors in Ardagh Group with a $250 million check had better have the bottle for a battle.
Irish Examiner
a day ago
- Irish Examiner
Fueling frustration: Why Irish petrol prices stay high, even when oil doesn't
Donald Trump, as he so often does, opted for all capital letters for this post on Truth Social earlier this week. 'EVERYONE, KEEP OIL PRICES DOWN,' he said. 'I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!' Like he told major retailer Walmart to 'eat the tariffs' he has imposed, the US president was telling oil markets to eat the instability he had directly contributed to in the Middle East with a direct attack on one of the biggest producers of oil in the world. As much as he appears to desire the power to dictate such terms, how much we all pay at the petrol pumps is not at the whim of Donald Trump. So far, however, prices appear to be singing to his tune somewhat, if not for the reasons he may think so, that is, himself. Here in Ireland, it was only three years ago that we saw geopolitical forces brought to bear as Russia's illegal invasion of Ukraine saw prices for everything skyrocket, including for petrol and diesel. While the impacts on us pale into comparison when compared to the Ukrainian people, Russia's actions did precipitate a cost-of-living crisis charities say is still biting to this day. But, despite bombs falling in Tehran, Tel Aviv and Doha in recent weeks, the oil markets so far — and this must be stressed, so far — have not reacted like they did back in 2022. Back then, there was a 'perfect storm' of Russia being such a big supplier, coupled with a relative shortage of oil supply coming out of the pandemic, according to transport commentator Conor Faughnan. This time, due to tariff threats and concerns about the global economy, as well as additional supply in the market at the moment, oil prices had been expected to trend down in the second half of this year prior to the recent Israel-Iran hostilities. 'It's been notable to observe when we had the Russian invasion in 2022, there was a very strong and prolonged reaction in world oil prices,' Mr Faughnan said. 'They went up and stayed high. That's different from the current crisis. Conor Faughnan: 'About 55%-60% of the money you pay at the pump goes directly to the Government in taxes. The oil price component is surprisingly small.' 'There hasn't as yet been the sort of extreme reaction we might have expected to see. Over the years, there's been a very serious set of circumstances, there's been multiple geopolitical shocks to the oil price. Often, they'll cause turbulence on a two-to-three day basis. When Russia invaded, we had a sustained effect. This time around, it's different. Mr Faughnan said it was more a case of the markets having 'bated breath', or there being a 'pregnant pause' while they waited to see how events would play out in the Middle East conflict. On Tuesday, oil prices hit their lowest in two weeks after Trump claimed there had been a 'total ceasefire' agreed between Israel and Iran. But, as we know, the bombing did not fully stop there. Later in the week, JP Morgan analysts said global energy prices were 'moderating' following the ceasefire. However, the lobby group for fuel retailers said that prices were already coming from a high base. Fuels for Ireland chief executive Kevin McPartland said even prior to US strikes on Iran, wholesale prices had already surged by nine cent per litre for petrol, eight cent for diesel and seven cent for kerosene. And this is before tax and retailer margin is applied. 'We fully understand the pressure that rising fuel costs put on households and businesses, particularly as we move through a cost-of-living crisis,' Mr McPartland said. These are global effects being felt locally. Fuel retailers in Ireland are not setting prices arbitrarily. They are responding to international costs that are outside their control. One factor that could send the price ballooning even higher is Iran's actions at the strategically important Strait of Hormuz. About a fifth of the world's oil passes through this area, which has Iran to the north and Oman and the United Arab Emirates to the south. Iran has in the past threatened to close the strait, which would restrict trade and affect global oil prices, but has never followed through on the threat. Mr Faughnan said a shock to the world oil price is 'possible if the situation worsens, or the Strait of Hormuz is involved'. 'It hasn't happened yet,' he said. 'If it does hit, we'll reassess. What's remarkable to note is that post-Israeli attacks on Iran last week, the global oil market was, relaxed is the wrong word, but it wasn't the extreme reaction we might have expected.' Petrol and diesel prices in Ireland Then again, Irish consumers will not need to experience another geopolitical shock to see the cost of filling the car be unwelcomingly high. They have been paying high prices at the pumps for some time. While the cost of a litre of petrol has fallen from its peak of more than €2 in the summer of 2022, it still remains stubbornly high at arobout €1.79, according to figures from AA Ireland. Its figures suggest prices have fluctuated wildly, ranging between €1.50 and close to €1.90 a litre for both diesel and petrol in recent years. Even going further back, and the price at the pumps has been high. Heading into 2020, prices going back five years had been in the range of between €1.20 and €1.50 a litre. If we were to factor in general inflation since then, using data from the Central Statistics Office, it has reached over 25% in that time. So, the €1.31 you spent for a litre of petrol in January 2015 translates to about €1.64 now. While fuel inflation is higher than this, they're in the same ball park. In other words, the prices were high enough then and even higher now. For its part, an AA spokesperson said: 'Any volatility in international markets inevitably can affect wholesale costs and, ultimately, prices at the pump. If tensions escalate or shipping routes are disrupted, it could lead to price increases for Irish consumers. We've already seen some fluctuations this year, and continued instability could keep upward pressure on prices in the months ahead. Mr Faughnan said an increase in the cost of oil would also lead to consumers paying more Vat on the cost of filling the car, as it is calculated as a percentage of the cost. Government taxes 'About 55%-60% of the money you pay at the pump goes directly to the Government in taxes,' he said. 'The oil price component is surprisingly small. You've the oil price, refinery cost, shipping cost, wholesale margin, retail margin. On top of that then the price is doubled. 'A big move in the oil price translates to a more modest move at the pump price.' Mr McPartland, whose organisation represents fuel retailers, said when fuel prices go up the tax on them goes up too, which he said warranted a 'comprehensive review of how fuel for heating and transport is taxed'. 'We are calling on the minister for finance to establish a group of experts to undertake this review as a matter of urgency,' he said. We've been here before. To help mitigate cost-of-living rises, the Government temporarily reduced excise rates on fuel at a 'significant cost to the exchequer', according to officials from the Department of Finance. It said last year this measure had effectively been a fossil fuel subsidy and was a 'climate negative measure'. It appears any measures to ease the taxes paid at the petrol pumps remain unlikely. On carbon taxes — which make up about 13c-14c of the €1.79 litre of petrol — finance minister Paschal Donohoe told the Dáil that if 'we want to invest more in a greener and lower carbon future, we need to have a way of paying for it'. At the same time, in terms of an alternative, take-up of electric vehicles is accelerating but not yet at the kind of critical mass needed to significantly reduce our transport emissions. Just last week, the Climate Change Advisory Council said new EV grants of €10,000 should be given to the lower-paid to encourage them to make the switch. 'The benefits and savings from existing policies and measures are not keeping pace with the causes of increased emissions, including increasing transport demand in terms of fuel sales and vehicle kilometres, and corrective action is needed in the sector,' it said. CSO data tells us despite 16% of new car sales so far this year being EVs, with similar market shares for plug-in hybrids, a further 44% were for petrol and diesel cars. For now, the reliance on the petrol and diesel car remains strong in Ireland. And while it does, so too will we be reliant on factors outside of our control. Read More Fuel prices rise again putting further pressure on motorists, AA warns
