The Irish electricity industry is committed to decarbonising its activities and recently commissioned PwC to produce a report detailing a least-cost path to achieving Ireland’s decarbonisation targets. The PwC roadmap would see a 92% reduction in greenhouse gas emissions by 2050 (vs 1990 levels) from the electricity sector, an 80% reduction from the heat sector and a 94% reduction in the transport sector. It outlines a range of technologies and suggested phasing to achieve Ireland’s 2030 and 2050 decarbonisation targets. Its proposals include binding 5-year budgets for the non-ETS sectors, ending oil/solid fossil fuel heating systems in all new build from 2025 and banning ICE vehicle sales from 2030.
The SEM has delivered significant benefits on an all-island basis in terms of market efficiencies, cost savings and enhanced security, and represents a positive manifestation of the Good Friday Agreement. As the market transitions to I-SEM, further potential benefits are set to be realised including more efficient use of electricity interconnections with Great Britain, which will help underpin key investment projects. We believe it is important that Brexit does not undermine the delivery of these benefits.