All-Ireland green targets can cut energy bills, study indicates

The move to align targets for renewable energy north and south of the Border will support lower energy system costs across the island, according to a new report by the Economic and Social Research Institute (ESRI), produced in partnership with the Shared Island unit in the Department of the Taoiseach.

The study looked at the cost of operating and investing in the electricity system if each jurisdiction had different targets for renewable energy and compared that with targets that are aligned. Both jurisdictions have decided to target producing 80 per cent of their electricity from renewable energy sources by 2030.

This shared target “can lead to lower costs across the island”, the research found. But it also argues that increased renewable generation will require more storage to help level off peaks and troughs in wind- and solar-produced electricity.

It said there would be a slight fall in the profitability of renewable energy generation, but this comes about because lower prices across the market would deliver a net gain for consumers.

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The report, published on Monday, found that the aligned targets for renewable energy generation would lead to higher deployment of renewable energy generation in Northern Ireland and higher investment in energy storage in Ireland.

The study also looked at the impact with the proposed North-South electricity interconnector, which will be able to transmit electricity across the Border, and without it.

It found that the interconnector will facilitate greater energy transmission between the two jurisdictions when it is up and running, which will reduce the amount that will have to be invested in energy storage. The interconnector would also save on the number of network upgrades that would be required.

“To date, consumers in the integrated single electricity market on the island of Ireland have benefited from the alignment of renewable energy policy in each jurisdiction. Our research shows that continued alignment will continue to benefit consumers, while the construction of the North-South interconnector will facilitate these benefits,” said ESRI senior research officer Niall Farrell, an author of the report.

His co-writer, senior research officer Muireann Lynch, argues that it is for “policymakers and regulators” to ensure that the market and rules facilitate co-operation to realise the full benefit of renewable energy for consumers.