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Irish eyes smile on €22 billion electricity scheme

electric2.jpgIreland has always come across as a place with its finger on the pulse. How else could you explain it being the most successful country in the Eurovision song contest, ever? Seven times no less. Scratch James Joyce and Seamus Heaney, Greenbang bets many an itinerant Irish man gets teary eyed over a pint of Guinness, remembering the lilting sounds of the Jonny Logan Eurovision classic ‘What’s another year?’

But no country can live by Eurovision alone. Sometimes you have to have to drag yourself away, and make a name for yourself and start investing in renewables. Which is just what Ireland has done.

Ireland’s Electricity Supply Board is investing €22 billion in renewable energy which it says will halve its carbon emissions within 12 years, and make it carbon net-zero by 2035.

Here’s the raw data:

Fifty percent of the overall investment package is geared towards investments in our renewable future. €4bn of this will be directly invested in renewable energy projects and €6.5bn will be spent facilitating renewables including smart metering and smart networks. […]

By 2020, ESB will be delivering one-third of its electricity from renewable generation. This will include over 1,400 megawatts of wind generation, in addition to wave, tidal and biomass. To promote this, the company will invest in emerging green technologies.

The €11 billion to be invested by ESB in its Networks will ensure continued efficient delivery of the vital infrastructure needed to support the Irish economy. It will also facilitate the development of up to 6,000 megawatts of wind on the island.

ESB will maintain its market share of power generation at well below 40 percent to facilitate continuing competition in the energy market. Completion of the present closure/divestment of 1500 megawatts of its stations and sites will assist this process. ESB will continue to enhance plant availability and performance in line with EU norms.

ESB will drive substantial cost reductions in overheads across all its businesses in order to meet its new financial challenges.

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