EY Renewable Energy Attractiveness Index: Ireland Fifth
Ireland has ranked fifth in the latest EY Renewable Energy Country Attractiveness Index.
It climbed to the position on a GDP-normalised basis as a result of its robust renewable energy investments and ambitious energy transition plans.
The country has also faced disruption such as network gridlock and high capital costs, but has overcome these challenges to honour its climate commitments.
Globally, there has been a record level of investment, with a surge of US$1.8tn in clean energy investment in 2023, including US$660bn earmarked for renewables.
Despite this investment, it is still significantly below what is needed to meet the COP28 target of tripling renewable capacity by 2030.
Ireland ranks fifth for renewable energy
The EY Renewable Energy Country Attractiveness Index is EY’s biannual global renewables report. The index ranks the world’s top 40 markets based on the attractiveness of their investment in renewable energy.
The country follows Denmark, Greece, Chile and Australia in the EY ranking and has earnt its place through continuous expansion of its Corporate Power Purchase Agreements (CPPA) market.
It climbed one place to rank 16th in the CPPA Index, reflecting a growing use of CPPAs in Ireland as organisations look to invest in renewable energy to meet their climate commitments.
In 2023, an additional 0.6GW of new grid-scale renewable energy was installed across Ireland, made up of 0.2 GW wind and 0.4 GW solar, representing a tripling of the 0.2 GW in 2022.
"It’s really positive that Ireland has placed so highly when it comes to our attractiveness in terms of seeking and securing renewable energy investment, but there is still much to do to ensure we are on track to meet 2030 goals," says Sean Casey, EY UK&I Energy & Infrastructure Consulting Leader.
"Over recent years there has been a clear step change in the policy settings that enable investment in clean energy at scale.
"We are now increasingly seeing the return on this, with a year-on-year tripling of renewable energy added to the grid in 2023."
BESS key to renewable roll-out
As the renewable energy and electrification sectors grow, battery energy storage systems (BESS) are playing an increasingly key role in the market- smoothing supply and demand peaks and deferring the cost of grid expansion.
EY's Renewable Energy Index focuses on the role of BESS, forecasting a four times increase in global BESS deployment from 2023 to 2030, reaching 572GW/1,848GWh.
Meanwhile, Ireland's Department of the Environment, Climate and Communications published the Electricity Storage Policy Framework as part of the country's Climate Action Plan. In it, it detailed that it has more than 1GW of electricity storage connected to the grid. This amounts to enough to power the equivalent of approximately 450,000 homes for an hour.
This figure includes a little more than 730MW of battery storage with a strong pipeline for further projects necessary to facilitate the greater integration of cheaper renewable wind and solar power.
"Scaling up battery energy storage systems can help solve multiple problems holding up clean energy progress, including stabilising and strengthening network infrastructure and enabling more distributed energy resources to connect to the grid," continues Sean.
"In Ireland, battery energy storage systems are currently providing much needed grid system services and will be an increasingly important part of our grid as we look to 2030 and beyond.
"In this context, the recent introduction of the Electricity Storage Policy Framework is very welcome. This policy clarifies the key role of electricity storage in Ireland’s transition to an electricity-led system, supports Irelands 2030 climate targets, and is a stepping stone on Ireland’s path to net zero carbon emissions.
"With Ireland’s current peak demand just under 6GW, it’s promising that 1GW of BESS is already operating in our electricity system and some 4.45GW of battery storage capacity is projected to be installed by 2030."
Real-world impact
The news comes as ESB Networks, Ireland's biggest energy provider, has announced that more than 100,000 rooftop solar microgenerators have been connected to Ireland’s electricity network, adding in excess of 400MW of clean energy to Ireland’s power system.
"The delivery of 100,000 rooftop solar renewable generator connections is significant, as it is testament to customers choosing to significantly reduce their carbon footprint and help displace the use of imported fossil fuels," says Nicholas Tarrant, Managing Director at ESB Networks.
"Furthermore, customers can receive payments from their electricity supplier for any excess energy sold back to the network.
"Solar energy is Ireland’s fastest growing renewable power source and the 400MW of microgeneration complements a further 800MW of larger scale solar connected in recent years."
Conall Bolger, CEO, Irish Solar Energy Association, adds: "Reaching 100,000 homes with solar panels in Ireland marks a significant step forward in our nation's renewable energy landscape.
"This milestone reflects a growing excitement within the Irish population for solar technology, driven by its environmental benefits and potential cost savings."
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