Green Party Leader and Energy Minister Anticipates Significant Decrease in Household Energy Costs
Insights into Price Trends
Eamon Ryan, leader of Ireland’s Green Party and Minister for Energy, sheds light on the expected trajectory of energy prices for the first half of 2024.
Market Dynamics and Gas Prices
Ryan points to a noteworthy decline in forward prices for UK-sourced gas, currently standing at 81 pence per therm. This substantial drop contrasts with the higher range of 100-140 pence per therm witnessed over the past two years.
Renewable Energy’s Role
The Minister attributes this downward trend to increased interconnection from renewable sources like Danish wind, Norwegian hydro, and French nuclear. Ireland’s robust wind power generation during the winter further contributes to reduced wholesale prices.
Long-Term Sustainability and Transition Costs
Highlighting the capital costs associated with transitioning to a new energy system, Ryan underscores the long-term benefits and lower prices expected in comparison to traditional fossil fuel alternatives.
Ireland’s Renewable Energy Future
Ryan envisions Ireland’s energy landscape pivoting towards sustainability, relying on renewable energy sources supported by advancements in battery storage and interconnection infrastructure. This strategic shift aims for economic efficiency and reduced environmental impact.
Source：irishtimes.com
