IWEA: Wind Energy Has Great Value for Irish Electricity Consumers

The latest report, Wind for a Euro: Cost-benefit analysis of wind energy in Ireland 2000-2020, from leading energy and utilities consultants Baringa reveals that the net cost of wind energy for Irish consumers amounts to less than €1 per person per year since 2000.

It is the first time researchers have used historical data to carry out a cost-benefit analysis of wind energy. The company has analysed Ireland’s electricity market from 2000 to 2020 and then simulated how the market would have behaved without any wind energy on the system.

Over the last two decades wind energy has delivered €2.3 billion in savings on the wholesale electricity market, driving down prices for consumers, and outweighing the amount of funding provided to support wind energy through the PSO levy.

Dr David Connolly, CEO of the Irish Wind Energy Association, which commissioned the report, said: “For less than a euro a year wind energy has reduced CO₂ emissions by 33 million tonnes and cut the amount spent on fossil fuels by €2.7 billion. That’s great value for money for electricity consumers. Wind energy is pushing down the wholesale price of electricity and with the price of wind – both onshore and offshore – falling around the world this is a trend that is only going to improve.

“And of course wind energy is playing a vital role in addressing climate change, which the Government has identified as a key policy priority that must be urgently addressed. This report confirms that wind isn’t just good for the environment, it’s good value for money.”

Dr Mark Turner, Director at Baringa, who led the research said: “Every day electricity generators, fossil fuel and renewable, compete against each other in an auction to provide power to the suppliers who sell it on to homes and businesses. The more wind energy on the system, the more it pushes out fossil fuel generators that are much more costly to run. As more wind energy is added, the savings typically increase, so the largest reductions are occurring right now across the years 2018, 2019 and 2020.”
Dr David Connolly said: “For the price of a pint of milk wind energy has become a leader in Ireland’s fight against climate change while making us more energy independent and creating thousands of jobs.

The report Wind for a Euro: Cost-benefit analysis of wind energy in Ireland 2000-2020 was commissioned by the Irish Wind Energy Association.