White Paper Ireland Energy trends 2023 – Crisis, contingencies, and climate change
Crisis, contingencies, and climate change
Ireland Energy trends 2023
Against a backdrop of high gas prices and tighter margins in late-2021, prices for electricity and gas have soared to record highs in many markets across the world, together with the introduction of new frequency response and ancillary services in many markets, this has resulted in significant commercial appetite for energy storage. But making strategic decisions to ensure maximum return on investment for these assets has never been more complex.
Of the objectives of the energy trilemma (sustainability, security of supply and affordability of energy), over the last 12 months, the high and volatile energy prices seen across the globe have meant more attention has been given to security and affordability. While this implies a detour on the path to net zero, the emphasis being placed on the security of energy supplies confirms an under-appreciated benefit of the energy transition—that greater energy security and independence can result from a reduced reliance on imported fossil fuels.
Energy transition will never be a straight path. The trajectory of moving from fossil-fuel dependence toward lower-carbon options is influenced by a variety of factors, including technological advances, economic conditions, ESG priorities and geopolitical developments.
To avoid or mitigate potential future problems around the reliability of power supplies as levels of volatile generation increase thinking on the structure of electricity markets will be required. In addition, investment in renewables, power storage and technologies that increase the potential for demand-side management needs to be mobilised at scale.
In this white paper, we shine a light on the biggest challenges and opportunities facing the sector over the next 12 months as participants of all types plan and execute their decarbonisation strategies during the current energy crisis. We also examine key trends that commentators – including GridBeyond’s experts – agree will be at the forefront of discussions and developments in the energy sector in 2023 and beyond.