Ireland is expected to attract huge investment as the country is set to add 5.8 GW of non-hydro renewable power capacity over the next decade to reach a total 9.6 GW by 2030, accounting for 65% of the country’s installed capacity, says data and analytics company GlobalData.
GlobalData's latest report, "Ireland Power market ooutlook to 2030, Update 2019", reveals that to achieve a 9.6GW non-hydro renewables capacity by 2030 Ireland will hugely increase its investment in offshore wind and solar photovoltaic (PV) capacity. During the forecast period, offshore wind capacity is set to increase from 25 MW to 1.9 GW at a compound annual growth rate (CAGR) of 48.8%, and solar PV will rise from 25 MW to 1.3 GW at a CAGR of 43%. During the same period, power consumption in Ireland will see a minimal increase, reaching 31.4 TWh in 2030 from 27.9TWh in 2019 (a marginal 1.1% CAGR).
Arkapal Sil, Power Industry Analyst at GlobalData, comments: “Ireland¹s offshore wind and solar PV capacity, has considerable potential, which will push the contribution of renewable power to installed capacity to 62% by 2025 and 65% by 2030. This will open up new markets for wind turbines and modules for solar plants, as well as associated equipment required for transmitting generated power to the grid. The market for laying cables under the sea will also be a key business opportunity in the country.”
This addition to Ireland¹s renewable power capacity is being driven by various government incentives and policies intended to fill the void left by the phasing out of coal in 2025.
Renewable capacity expansion will necessitate grid modernization in order to manage much higher volumes of renewable energy with inherent variability. This, in turn, will involve huge investment in grid infrastructure along with the introduction of energy storage systems to enable a steady supply of power when renewable energy is unavailable.
Sil further comments: “With a minimal increase in power consumption expected, Ireland¹s gas-based power capacity, which provides the country¹s base-load power demand, combined with those new renewable resources with integrated energy storage systems are well placed to meet the country¹s power demands over the next decade.”
