Wind energy in Ireland and Northern Ireland displaced nearly €1.2 billion worth of fossil gas and carbon credits in 2024, according to a new analysis by consultancy Baringa, commissioned by Wind Energy Ireland. The report reveals that 13.2 terawatt-hours (TWh) of wind generation output helped reduce reliance on fossil fuels, resulting in substantial cost savings.
In Ireland, the displacement of 2.1 billion cubic meters (bcm) of fossil gas led to avoided costs of approximately €748 million. In Northern Ireland, 0.4 bcm of gas was displaced, saving €157 million. Additionally, the report estimates a reduction of 4.1 million tonnes of CO2 emissions in Ireland and 0.9 million tonnes in Northern Ireland, due to the increased use of wind power.
The report also highlighted the displacement of carbon credits, with €268 million worth of credits removed from the wholesale market in Ireland and €56 million in Northern Ireland.
March 2024 saw the highest monthly wind generation, saving €120 million across both regions, while December, marked by high fossil gas prices, resulted in the largest single-month saving of €170 million.
Noel Cunniffe, CEO of Wind Energy Ireland, remarked, “Once again this report highlights the critical role Irish wind farms are playing in driving down Irish energy costs, cutting our carbon emissions, and reducing our reliance on imported fossil fuels.”
He further noted that wind power helped retain funds within the country: “Rather than importing hundreds of millions of euro of gas, Irish wind farms ensured money stayed where it belongs, at home, supporting Irish workers and businesses.”
However, Cunniffe pointed out that additional savings were hindered by insufficient grid capacity, which prevented Ireland from fully capitalizing on its wind generation potential during the year's windiest months.
“Last year Ireland reached record levels of wind energy generation capacity, with over 5,000 MW of onshore generation capacity now installed,” Cunniffe said. “However, it was also the worst year on record for the amount of wind power lost due to challenges with electricity grid capacity.
He emphasized the need for urgent upgrades to the electricity grid: “Every time a wind turbine is shut down because the grid can't take the electricity, it means higher bills and more carbon emissions. This report further highlights the urgent need to reinforce our grid infrastructure, so that we can get more wind energy on the grid and allow consumers to fully benefit from Ireland's renewable transition.
