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Posted 2 years ago | 3 minute read
Ireland consults on energy security
Ireland’s Department of the Environment, Climate and Communications has launched a consultation of a review of the energy security of the country’s gas and electricity systems.
Launched on 19 September, the review does not address the expected tight margins in electricity supply over the coming winters. Instead, it sets out the demand and supply-side risks that can have an impact on the security of energy supply for Ireland’s electricity and gas systems, and examines mitigation measures, including the need for additional capacity to import energy, fuel diversification and renewable gases.
A series of possible mitigation options, which are focused on the period to 2030, but in the context of a sustainable transition to net-zero emissions by 2050, are as follows:
- strategic gas storage — gas storage that would only operate during periods in which there is a material risk of demand disruptions in Ireland
- strategic floating LNG — a floating LNG facility that would only operate during periods of a material risk of demand disruption in Ireland
- gas package — a combination of strategic storage, renewable gas (biomethane injection and hydrogen) and demand side response
- additional electricity interconnection — another 700MW interconnector to France in addition to the Celtic Interconnector
- additional pumped storage — an additional 360MW of pumped storage hydroelectricity capacity
- biomass plant — a 450MW dedicated biomass plant
- secondary fuel — increased secondary fuel storage beyond the current five-day storage requirement
- hydrogen plant conversion — converting a CCGT (combined cycle gas turbine) to hydrogen
- electricity package — a combination of additional capacity of batteries and demand side response
The consultation period runs until 28 October 2022.
GridBeyond Managing Director UK and Ireland Mark Davis said:
“Over time as we transition to a net zero energy sector, demand for gas will decrease. However, we must ensure that our pathway of decarbonisation is underpinned by both affordability and security. This means at present gas remains a crucial bridging fuel (particularly at times of low wind) and ensuring supplies are available and affordable is key.
“From late 2021 businesses across Ireland have seen their energy costs increase as an energy price crisis, which began with rising gas and electricity prices, turned into a security of fossil-fuel supply crisis following the Russian invasion of Ukraine. For businesses with unhedged energy contracts these high prices would have been passed through, impacting your operating costs. But looking ahead this scenario looks likely to repeat itself this winter. Businesses need solutions that will prove they are serious about decarbonising their operations while reducing the risk to operations caused by energy price peaks.
“At GridBeyond, we work in partnership I&C businesses to ensure they have the right energy strategy in place that puts them in control of their energy, delivering cost savings and new revenues, while supporting the transition to a net zero future.”
Hedging your bets this winter
If you are not hedging your electricity, you may have seen your electricity bills rise by 30-35% over the last few months and wondering what the outlook could be for the winter ahead and crucially how to manage your cost of operations.
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