Renewable Energy Milestones
In 2023, 42% of Ireland’s electricity was generated from renewable sources, according to EirGrid’s annual report. EirGrid Group, responsible for managing and developing Ireland’s electricity grid, highlighted significant progress in the nation’s shift towards green energy.
Financial Performance and Investments
EirGrid’s profit before tax was €71.2 million in 2023, a decrease from €114.9 million in 2022. This decline was attributed to regulatory timing differences and increased operating costs due to the growing complexity of the business. However, excluding over and under recoveries, the underlying profit for 2023 was €40.6 million, up from €26.3 million in 2022. The company plans to return over-recoveries to Transmission Use of System (TUoS) customers through reduced tariffs in future years. Additionally, EirGrid proposes to pay a €4 million dividend to the government, maintaining last year’s level.
Peak Demand and New Capacities
Ireland saw a new peak demand of 5,544 MW in 2023. This year also marked the addition of 300 MW of solar energy, 150 MW of wind energy, and 75 MW of battery storage to the system. The System Non-Synchronous Penetration (SNSP) limit, which measures the ability to operate the grid with high levels of renewables, was increased to 75%. Over the year, the system operated above 70% SNSP for 512 hours.
Key Developments and Future Plans
EirGrid’s report also noted the successful completion of the first Offshore Renewable Electricity Support Scheme auction for the government and the signing of technical and financial agreements for the Celtic Interconnector in November 2022. These initiatives are crucial for enhancing Ireland’s renewable energy infrastructure and supporting the government’s climate targets.
Strategic Goals and Challenges
Brendan Tuohy, Chair of EirGrid Group, emphasized the dual challenge of decarbonizing the electricity system to meet the government’s 2030 targets while ensuring a secure supply. He stated, “We had a very successful year, operating the electricity system safely and securely despite challenging circumstances. We also progressed key elements of our EirGrid Strategy (2020-2025) to support the government’s climate ambitions.”
EirGrid’s report underscores the significant strides Ireland is making in renewable energy, reflecting broader trends in the solar energy market and green energy policies. The continued investment in solar technology, energy storage, and other renewable sources is vital for Ireland’s energy market trends and long-term sustainability goals.
Source：eveningecho.ie
