Winter electricity prices forecast to tumble by 2027 thanks to offshore wind

TL;DR

The assessment comes from leading energy consultancy Cornwall Insight Ireland and pierces the gloom over energy bills and the cost-of-living crisis sparked by the Russian invasion of Ukraine.The report highlights the important role that a handful of offshore wind projects, planned by 2030 in the Irish Sea from Louth to Cork, will play in driving winter prices lower.Nonetheless, the Ireland electricity market will face the problem of needing to rely on relatively expensive gas-fuelled power stations in the summer months when the wind doesn't blow.The eventual closure of the coal and oil-fuelled power stations, including Kilroot, Tarbert and Moneypoint, and the North-South electricity interconnector, will also help drive prices and costs down."In the long run for Ireland our data shows a clear path; only through pulling away from high-cost, volatile gas towards lower-cost renewable generation, supported by battery storage, will all of Ireland be able to secure its electricity supply and protect itself from the high international energy market wholesale prices," Ms Sengupta said."

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