Ireland is at risk of seeing a rise in electricity costs as it shifts from fossil fuels to renewable energy sources, according to a recent report from the National Economic and Social Council, reports RTE.
The report also cautions that the reliability of energy supply “may worsen” during the shift to cleaner energy if certain challenges aren’t addressed.
According to the study, Ireland currently holds the record for the highest electricity prices across the European Union, reports RTE.
The report notes that a failure to take proper steps during the move to green energy could further increase costs for the country.
The report states: “There is a lack of evidence-based certainty about future energy prices in Ireland and, if anything, consumers might expect higher rather than lower energy costs as the transition progresses. This is despite the cost of renewable power production being competitive with that of fossil fuels over the long term,” reports RTE.
It also points out that much of the country’s energy strategy is advancing “into fog”.
It mentions that key stakeholders in the sector are not “on the same page”, reports RTE.
Additionally, the report urges immediate actions to support Ireland’s transition to renewable energy and to safeguard the economy.
The report highlights that there is currently no full, unified estimate for the potential sales, energy exports, or job creation linked to achieving Ireland’s energy transition goals.
Dr Cathal FitzGerald, Senior Analyst at the National Economic and Social Council said: “Right now, we need to improve the conditions for clean energy infrastructure delivery- the planning and consents, the grid, skills, finance, and ports, shipping, and supply chains. A new institutional framework can help make this happen and provide strategic direction,” reports RTE.
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